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Officials with the Tucson, Ariz.-based Pima Federal Credit Union and RBAZ Bancorp, Inc. in Phoenix announced the two organizations had entered into a definitive agreement for Pima to acquire "substantially all of the assets" and liabilities of the Republic Bank of Arizona in an all-cash transaction.
Details of the announcement, which came late Thursday, stated the $1.2 billion Pima would take over all customers and accounts of the Republic Bank of Arizona. Once the transaction is complete, bank officials said they intend to wind down and dissolve the bank and its holding company RBAZ Bankcorp, Inc. Shareholders are expected to receive "approximately $22.00 per fully diluted share upon final liquidation" pending various adjustments.
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