Pima Federal Credit Union in Tucson, Ariz., has agreed to buy Republic Bank of Arizona in Phoenix.
The $1.2 billion-asset Pima said in a press release that it will pay shareholders of RBAZ Bancorp about $22 a share in cash for the $279 million-asset Republic. RBAZ will wind down and dissolve after the sale, which is expected to close in the second half of this year.
“This strategic move is not only rooted in our shared values but also aligns with our growth objectives, presenting an exceptional opportunity to enhance our service to the local community,” Eric Renaud, Pima’s president and CEO, said in the release.
“Leveraging the strengths and talents of both teams, we look forward to creating a positive impact in Maricopa County while continuing to offer an unmatched banking experience in our existing markets,” Renaud added.
Brian Ruisinger, Republic’s president and CEO, is anticipated to remain with Pima as leader of the Phoenix market.
Olsen Palmer and Fenimore Kay Harrison advised RBAZ. Donnelly Penman & Partners and Luse Gorman advised Pima.