Ronald L. Westad, President and CEO of Arizona Financial, said:
October 1, 2022
The Arizona Finance and Credit Union (“Arizona Finance”) today announced that it has completed the purchase of the assets and assumption of the liabilities of Horizon Community Bank (“Horizon Community”), an Arizona chartered bank headquartered in Lake Havasu City, Arizona. announced. A wholly owned subsidiary of Horizon Bancorp, Inc. (OTC Pink: HRRB) (“Horizon Bancorp”).
The transaction will allow Arizona Financial to expand into western Arizona, further diversify its assets, and add talent and expertise to its workforce. It will also help the credit union continue to invest in new products and services and fund the expansion of its services into additional new markets throughout Arizona.
Horizon Community’s 12,000 customers will benefit from access to all of Arizona Financial’s banking services, including consumer loans, insurance, credit cards, investments, small business services, SBA and commercial loans.
null [After successfully integrating the operations of Pinnacle Bank in 2019, Arizona Financial’s board of directors endorsed acquisition opportunities as a component of the credit union’s future growth strategy. __title__ null]Ronald L. Westad, President and CEO of Arizona Financial, said:
This strategy has been a good fit for the Horizon Community as they consider their organization’s future options. “Arizona Financial has demonstrated its competence and commitment null [to community banking and they __title__ null]Ralph Tapscott, former president and CEO of Horizon Community and now president of the Western Arizona Market for Arizona Financial, said: “We are excited about the future of the combined organization and the additional financial services and resources it will bring to communities in western Arizona,” he added.
Horizon Community was founded in 2002 and operated six branches in Fort Mohave, Kingman, Lake Havasu City, Mesa, Parker, and Quartzsite, all of which remained open and became Arizona Financial headquarters. has been converted.
In parallel with the purchase and transfer of Horizon’s assets and liabilities, Arizona Financial converted from a federally chartered credit union to a state chartered credit union. This allows the credit union to join Coconino, Gila, La Paz, Mojave, Navajo, Pima, Yavapai, and Yuma counties beyond Maricopa and Pinal counties. Any individual or small business that worships, attends school, or regularly conducts business in these counties is eligible for membership in Arizona Financial. The final step in the charter change, which took place on July 1, was for the credit union to rebrand from its previous name, Arizona Federal, to Arizona Financial Credit Union.
Operating under the flag of Arizona Financial, the combined organization has more than $3.3 billion in assets and currently serves more than 155,000 members at 20 locations in Arizona. Arizona Financial deposits continue to be federally insured by the National Credit Union Administration.
Arizona Financial was advised by Honigman LLP as general counsel and McQueen Financial as financial advisor. Horizon Community has been advised by Fenimore Kay Harrison LLP as legal advisor and Hovde Group, LLC as financial advisor.
About Arizona Financial Credit Union
Arizona Financial (formerly Arizona Federal) is a $3.3 billion not-for-profit financial cooperative that provides consumer and small business banking services and expertise to more than 155,000 members/owners. Founded in Arizona in 1936, the credit union offers state-of-the-art self-service tools and mobile apps, competitive interest rates on loans and deposits, robust mortgage solutions, identity protection services, and SBA and commercial loans. Arizona Financial has a history of community involvement, sponsors LiveNation Theater venues, and is the exclusive credit union partner of Phoenix Rising FC. The credit union is part of a CO-OP network that provides member access to accounts at 5,000 credit union branches and 30,000 ATMs nationwide with 20 locations in Metro Phoenix and western Arizona. Deposits are insured by the Federal Credit Union Administration.
For more information, visit ArizonaFinancial.org.
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