OneAZ-1st Bank of Yuma sets annual record for credit union-bank mergers
OneAZ Credit Union in Phoenix has agreed to buy 1st Bank of Yuma in Arizona.
The $3.6 billion-asset credit union said in a press release that it will by substantially all of the $600 million-asset bank’s assets and liabilities from Western Arizona Bancorp in a cash transaction. The price wasn’t disclosed.
The deal is expected to close by mid-2025.
“OneAZ is taking a bold step toward fulfilling our commitment to driving positive change across Arizona,” Brandon Michaels, the credit union’s president and CEO, said in the release. “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.”
The 17th credit union-bank merger of 2025 set a new annual record for such deals.
McQueen Financial Advisors and Luse Gorman advised OneAZ. D.A. Davidson and Spierer Woodward Corbalis Goldberg advised Western Arizona Bancorp.