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The $384 million AEA Federal Credit Union in Yuma, Ariz., said it expects to close its acquisition of the $74.3 million West Valley National Bank in Goodyear, Ariz., in 2024.
The credit union said Tuesday that it signed an assumption agreement with the bank's parent holding company West Valley Bancorp Inc.
Financial terms of the proposed deal were not disclosed.
The acquisition is part of AEA's strategy to expand its footprint in the Phoenix region and Nevada, diversify its assets, and add additional talent and expertise, the credit union said in a prepared statement.
West Valley National Bank recorded $62.7 million in deposits, $58.2 million in loans, $10.5 million in equity and $246,000 in net income, according to its FDIC Uniform Bank Performance Report, ending Sept. 30.
The bank, which specializes in commercial lending, opened for business in 2006. Its 21 employees operate three locations in Goodyear, Phoenix, and Gila Bend, and one location in Las Vegas serving more than 1,000 customers.
"Our goal as a certified Community Development Financial Institution is to serve the underserved, and by expanding our footprint eastward into Arizona through this acquisition, we can do so more expediently." AEA President/CEO Adele M. Sandberg said.
If the deal receives approvals from regulators and the bank's shareholders, the acquisition is expected to be finalized in the late second quarter of next year.
AEA's 100 employees operate four branches, serving more than 33,000 members.
This is the 11th credit union bank purchase agreement announced this year. In 2022, there were 16 deals announced.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
