“We believe that quality growth and diversification is essential to continued success in our industry, and we intend to achieve it both organically and through mergers or acquisitions,” explained Ronald L. Westad, President and CEO of Arizona Financial.
PHOENIX (PRWEB) October 01, 2022
Arizona Financial Credit Union (“Arizona Financial”) announced today that it has completed its planned purchase of assets and assumption of liabilities of Horizon Community Bank (“Horizon Community”), an Arizona state-chartered bank headquartered in Lake Havasu City, Arizona, and a wholly-owned subsidiary of Horizon Bancorp, Inc. (OTC Pink: HRRB) (“Horizon Bancorp”).
This transaction allows Arizona Financial to expand into western Arizona, further diversify its assets, and add talent and expertise to its workforce. It will also help the credit union continue investments in new products and services and help fund the expansion of services to additional new markets throughout Arizona.
The 12,000 clients of Horizon Community benefit by gaining access to Arizona Financial’s full suite of banking services, including consumer loans, insurance, credit cards, investments, small business services, SBA and commercial loans, and more.
null [After successfully integrating the operations of Pinnacle Bank in 2019, Arizona Financial’s board of directors endorsed acquisition opportunities as a component of the credit union’s future growth strategy. __title__ null]“We believe that quality growth and diversification are essential to continued success in our industry, and we intend to achieve it both organically and through mergers or acquisitions,” explained Ronald L. Westad, President, and CEO of Arizona Financial.
That strategy aligned well with Horizon Community as they explored future options for their organization. “Arizona Financial has demonstrated their competency and commitment null [to community banking and they __title__ null]have become a great partner throughout this process,” said Ralph Tapscott, former President and CEO of Horizon Community who will now serve as the Western Arizona Market President for Arizona Financial. “I’m excited for the future of our combined organizations and the additional financial services and resources we’ll bring to the communities of western Arizona,” he added.
Horizon Community was founded in 2002 and operated six branches in Fort Mohave, Kingman, Lake Havasu City, Mesa, Parker, and Quartzsite, all of which will remain open and have been converted to Arizona Financial locations.
In parallel with the purchase and assumption of Horizon’s assets and liabilities, Arizona Financial converted from a federally chartered to a state-chartered credit union. This allowed the credit union to expand its field of membership beyond Maricopa and Pinal counties to now include Coconino, Gila, La Paz, Mohave, Navajo, Pima, Yavapai, and Yuma counties. Any individual or small business who lives works worships, attends school, or regularly conducts business in these counties is eligible for membership with Arizona Financial. The final step of the charter change, which occurred on July 1, was the credit union rebranding itself as Arizona Financial Credit Union from its prior name Arizona Federal.
The combined organization, which will operate under the Arizona Financial banner, has more than $3.3 billion in assets and now serves more than 155,000 members at 20 locations throughout Arizona. Deposits of Arizona Financial continue to be federally insured by the National Credit Union Administration.
Arizona Financial was advised by Honigman LLP, as legal counsel, and McQueen Financial, as financial advisor. Horizon Community was advised by Fenimore Kay Harrison LLP, as legal counsel, and Hovde Group, LLC, as financial advisor.
About Arizona Financial Credit Union
Arizona Financial, formerly Arizona Federal, is a $3.3 billion not-for-profit financial cooperative providing consumer and small business banking services and expertise to more than 155,000 members/owners. Founded in Arizona in 1936, the credit union empowers members to take hold of their financial future through the delivery of leading-edge self-service tools and mobile apps, competitive rates on loans and deposits, robust home loan solutions, identity protection services, and SBA and commercial loans. Arizona Financial has a history of local community involvement and is the sponsor of the LiveNation Theatre venue and exclusive credit union partner of the Phoenix Rising FC. The credit union has 20 locations across metro Phoenix and western Arizona and is part of the CO-OP network that provides members nationwide account access at 5,000 credit union branches and 30,000 ATMs. Deposits are federally insured by the National Credit Union Administration.
For more information: ArizonaFinancial.org