OneAZ Credit Union Announces Acquisition of 1st Bank Yuma

Posted by Alyse Knudsen on October 4, 2024

OneAZ Credit Union and Western Arizona Bancorp Inc., the holding company of 1st Bank Yuma, announced on Oct. 3 that they have entered into a definitive agreement in which OneAZ will acquire 1st Bank Yuma, assuming substantially all assets and liabilities, in an all-cash transaction. This transaction was unanimously approved by both the boards of directors of OneAZ and 1st Bank Yuma.

Upon completion of the transaction, it will propel OneAZ to a total of more than $4 billion in assets, serving over 220,000 members throughout Arizona. This acquisition will also add 1st Bank Yuma’s five branches in Yuma, San Luis, and Nogales to OneAZ’s thriving network of 20 branches, significantly expanding OneAZ’s reach in Southern Arizona.

“With the acquisition of 1st Bank Yuma, OneAZ is taking a bold step toward fulfilling our commitment to driving positive change across Arizona,” said Brandon Michaels, President & CEO of OneAZ Credit Union. “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. 1st Bank Yuma has a proud legacy of community investment in Southern Arizona, and we’re excited to build on their incredible work. Together, we’ll drive economic growth and opportunity, ensuring that everyone in Southern Arizona has the chance to thrive and dream.”

Wayne Gale, President & CEO of Western Arizona Bancorporation & CEO of 1st Bank Yuma commented, “We are excited to announce our decision to join forces with OneAZ and create a larger financial institution with greater resources. We share similar values, and our partnership with another Arizona-based financial institution extends our legacy of meeting the needs of our customers, while being a strong partner with the communities in Yuma and Santa Cruz counties. This strategic transaction enables us to offer our customers a wider array of products and services. We believe that this partnership is a good fit not only for our customers but also for our dedicated employees and the communities we proudly serve.”

The acquisition of 1st Bank Yuma is driven by their shared values and aligns OneAZ’s growth strategy and capabilities with the rapidly evolving banking landscape of Arizona. By combining the organizations, OneAZ will gain critical expertise and capabilities to further ignite growth in the local economy and drive prosperity for all Arizonans. Furthermore, 1st Bank Yuma has well-established community outreach and financial education programs that provide support to dozens of nonprofit organizations in Yuma and Santa Cruz counties. This enables the OneAZ Community Foundation to make a greater contribution to enhancing economic development and supporting community vitality efforts in new regions of the state.

Final regulatory approval is expected by mid-2025. The two organizations are expected to be fully integrated in 2026.

McQueen Financial Advisors served as financial advisor and Luse Gorman, PC served as legal counsel to OneAZ Credit Union. D.A. Davidson & Co. served as financial advisor and Spierer Woodward Corbalis Goldberg served as legal counsel to Western Arizona Bancorp, Inc.

Posted in Arizona, Regional Member News.