Arizona Federal Credit Union (Phoenix, AZ) announced it plans to acquire Pinnacle Bank (Scottsdale, AZ).
Arizona FCU has almost $1.7 billion in assets.
Pinnacle Bank has $236 million in assets and four branches in Tempe, Scottsdale and Phoenix.
Arizona FCU stated that the acquisition of Pinnacle Bank would grant its member-owners access to additional mortgage services, expanded small business services, SBA financing options and commercial lending services.
The transaction, which is subject to regulatory and Pinnacle Bank shareholder approval, is expected to be completed in the fourth quarter of 2019.
This is the first transaction of a credit union acquiring a bank in Arizona.
Read the announcement.
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