Pima Federal Credit Union to Acquire Republic Bank of Arizona
THE TRANSACTION
On May 16, 2024, Pima Federal Credit Union (“Pima”) and RBAZ Bancorp, Inc. (OTCPK: RBAZ) (“RBAZ”), the holding company of Republic Bank of Arizona, an Arizona state bank (“Republic Bank”), announced today that they have entered into a definitive agreement whereby Pima will purchase substantially all of the assets and assume substantially all of the liabilities of Republic Bank in an all-cash 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.
The purchase and assumption agreement has been unanimously approved by the Boards of Directors of both organizations. The combination is subject to approval by RBAZ’s shareholders, applicable regulators, and other customary closing conditions. The transaction is expected to be completed during the second half of 2024. After transaction close, Brian Ruisinger is anticipated to remain with Pima as leader of the Phoenix market.
Our Client
PIMA FEDERAL CREDIT UNION
Pima Federal Credit Union was founded in 1951 and is headquartered in Tucson, Arizona, operating nine locations and providing a highly competitive suite of personal and business banking products and services. As of March 31, 2024, Pima had $1.2 billion in total assets, $849 million in gross loans, and $1.0 billion in total shares and deposits. For more information on Pima, please visit www.pimafederal.org.
Transaction Partner
RBAZ BANCORP, INC.
RBAZ Bancorp, Inc. was formed as a holding company in 2021, at which time it became the parent company of Republic Bank. Republic Bank was founded as a community bank in 2007 and currently operates three full-service branches in the Phoenix, Arizona metropolitan area. As of March 31, 2024, Republic Bank had $279 million in total assets, $200 million in gross loans, and $250 million in total deposits. For more information on RBAZ and Republic Bank, please visit www.republicbankaz.com.As of March 31, 2024, Republic Bank had $279 million in total assets, $200 million in gross loans, and $250 million in total deposits. For more information on RBAZ and Republic Bank, please visit www.republicbankaz.com.
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