Acquisition of the Yuma-headquartered bank with assets of $600 million substantially expands OneAZ's footprint to Yuma and Santa Cruz Counties
PHOENIX, Oct. 4, 2024 /PRNewswire-PRWeb/ -- OneAZ Credit Union and Western Arizona Bancorp, Inc., the holding company of 1st Bank Yuma, are thrilled to announce that they have entered into a definitive agreement in which OneAZ will acquire 1st Bank Yuma, assuming substantially all assets and liabilities, in an all-cash transaction. This transaction was unanimously approved by both the boards of directors of OneAZ and 1st Bank Yuma.
Upon completion of the transaction, it will propel OneAZ to a total of over $4 billion in assets, serving over 220,000 members throughout Arizona. This acquisition will also add 1st Bank Yuma's 5 branches in Yuma, San Luis, and Nogales to OneAZ's thriving network of 20 branches, significantly expanding OneAZ's reach in Southern Arizona.
"With the acquisition of 1st Bank Yuma, OneAZ is taking a bold step toward fulfilling our commitment to driving positive change across Arizona," said Brandon Michaels, President & CEO of OneAZ Credit Union. "This partnership expands our reach into the rapidly growing markets of Yuma and Santa Cruz Counties, where we know we can have a positive impact on the local economy to ignite even more growth and prosperity for those communities. 1st Bank Yuma has a proud legacy of community investment in Southern Arizona, and we're excited to build on their incredible work. Together, we'll drive economic growth and opportunity, ensuring that everyone in Southern Arizona has the chance to thrive and dream."
Wayne Gale, President & CEO of Western Arizona Bancorp, Inc. & CEO of 1st Bank Yuma commented: "We are excited to announce our decision to join forces with OneAZ and create a larger financial institution with greater resources. We share similar values, and our partnership with another Arizona-based financial institution extends our legacy of meeting the needs of our customers, while being a strong partner with the communities in Yuma and Santa Cruz counties. This strategic transaction enables us to offer our customers a wider array of products and services. We believe that this partnership is a good fit not only for our customers but also for our dedicated employees, and the communities we proudly serve."
The acquisition of 1st Bank Yuma is driven by our shared values and aligns OneAZ's growth strategy and capabilities with the rapidly evolving banking landscape of Arizona. By combining the organizations, OneAZ will gain critical expertise and capabilities to further ignite growth in the local economy, and drive prosperity for all Arizonans. Furthermore, 1st Bank Yuma has well-established community outreach and financial education programs that provide support to dozens of nonprofit organizations in Yuma and Santa Cruz counties. This enables the OneAZ Community Foundation to make a greater contribution to enhancing economic development and supporting community vitality efforts in new regions of the state.
Final regulatory approval is expected by mid-2025. The two organizations are expected to be fully integrated in 2026.
McQueen Financial Advisors served as financial advisor and Luse Gorman, PC served as legal counsel to OneAZ Credit Union. D.A. Davidson & Co. served as financial advisor and Spierer Woodward Corbalis Goldberg served as legal counsel to Western Arizona Bancorp, Inc.
About OneAZ Credit Union
Serving Arizona since 1951, OneAZ Credit Union is a financial powerhouse managing over $3.4 billion in assets and serving over 200,000 member-owners and 12,000 business owners across 20 branches statewide. We are committed to inspiring dreams and driving prosperity and community growth through innovative and high-quality personal and business banking solutions. At OneAZ, it's all about banking for the people, not for profit. Discover more at OneAZcu.com. Insured by NCUA. Join us in driving prosperity and building a brighter tomorrow for Arizona.
About 1st Bank Yuma
1st Bank Yuma was established on September 4, 2001, as an Arizona State chartered bank, insured by the Federal Deposit Insurance Corporation. The bank was founded by a team of Yuma business professionals along with local bankers to provide the highest level of service to Yuma and Santa Cruz County residents. As a financial institution with $600 million in assets and an emphasis in business banking, 1st Bank Yuma serves over 20,000 accounts across 5 strategically placed branches. Our team of seasoned bankers have over 200 years of Arizona banking experience. For more information, visit 1stbankyuma.com.
Forward Looking Statements
This news release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by OneAZ Credit Union, Western Arizona Bancorporation, 1st Bank Yuma, or on behalf of any of them. OneAZ Credit Union, Western Arizona Bancorporation and 1st Bank Yuma disclaim any obligation to update such forward-looking statements.
Media Contact
Candace Youde, OneAZ Credit Union, 480.442.4868, [email protected], https://www.oneazcu.com/
SOURCE OneAZ Credit Union
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