Pima Federal Buys Phoenix Bank

Pima Federal Credit Union (PFCU) and Republic Bank of Arizona (RBAZ), an Arizona state bank, have entered into a definitive agreement in which Pima will purchase substantially all of Republic Bank’s assets and assume substantially all of its liabilities in an all-cash transaction. PFCU will take over Republic Bank’s three Phoenix-area branches.

All customers and accounts of RBAZ will be retained and serviced by Pima. RBAZ and Republic Bank intend to wind down and dissolve following the transaction.

The acquisition will add Republic Bank’s branches in Phoenix, Gilbert, and Scottsdale to Pima’s existing branch network in the Tucson metropolitan area and Springerville with Pima expanding to twelve total locations and over $1.5 billion in total assets.

Once approved by shareholders and regulators, a plan will be established to fully integrate the two organizations, which can take up to 12 months, according to PFCU.