OneAZ Credit Union Western Arizona Bancorp, Inc., the holding company for 1st Bank Yuma, announced that OneAZ has entered into a definitive agreement to acquire 1st Bank Yuma with the assumption of substantially all assets and liabilities in an all-cash transaction. The transaction was unanimously approved by the boards of directors of OneAZ and 1st Bank Yuma.
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Once the transaction closes, OneAZ will have assets totaling more than $4 billion and will serve more than 220,000 members throughout Arizona. The acquisition adds 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.
“OneAZ Credit Union is proud to be one of the leading companies in the world to support our customers,” said Brandon Michaels, President and CEO of OneAZ Credit Union. “We know this partnership will expand our reach into the rapidly growing markets of Yuma and Santa Cruz counties, positively impacting the local economy and fostering further growth and prosperity in these communities. 1st Bank Yuma has a proud tradition of community investment in southern Arizona, and we are excited to build on their great work together to drive economic growth and opportunity. We will continue to advance and ensure that every person in Southern Arizona has the opportunity to thrive and dream.”
Wayne Gale, President and CEO of Western Arizona Bancorp, Inc. and CEO of 1st Bank Yuma, commented: We share similar values and our partnership with another Arizona-based financial institution allows us to meet the needs of our customers while being a strong partner in the communities of Yuma and Santa Cruz counties. Extending our tradition. This strategic transaction will enable us to offer a broader range of products and services to our customers. We believe this partnership is a great 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 our shared values and aligns OneAZ’s growth strategy and capabilities with the rapidly evolving landscape of Arizona’s banking industry. By combining both organizations, OneAZ will gain significant expertise and capabilities to further foster regional economic growth and promote prosperity across Arizona. Additionally, First Bank Yuma has established community assistance and financial education programs, providing support to dozens of nonprofit organizations in Yuma and Santa Cruz counties. This will allow OneAZ Community Foundation to make a greater contribution to promoting 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 fully integrate in 2026.
McQueen Financial Advisors acted as financial advisor and Ruth Gorman, PC, served as legal advisor. DA Davidson & Co. served as financial advisor and Spierer Woodward Corbalis Goldberg served as legal advisor to Western Arizona Bancorp.
