Pima Federal Credit Union and RBAZ Bancorp, Inc., the holding company of Republic Bank of Arizona, have entered an acquisition agreement whereby Pima will acquire substantially all assets and liabilities of Republic Bank. This all-cash transaction will result in RBAZ shareholders receiving approximately $22 per fully diluted share upon final liquidation. Post-acquisition, Pima will continue to service all existing Republic Bank customers and accounts, while also expanding its footprint to 12 locations with over $1.5 billion in total assets. The acquisition aligns with Pima’s growth strategies and community service values, setting the stage for expanded services in Phoenix and Maricopa County. The agreement has received unanimous approval from both companies’ boards but awaits regulatory and shareholder approval. Key advisors for the deal include Olsen Palmer LLC and Fenimore Kay Harrison LLP for RBAZ, and Donnelly Penman & Partners, Inc., and Luse Gorman, PC for Pima.
Banking, Mergers & Acquisitions,United States, Arizona
https://www.globenewswire.com/news-release/2024/05/16/2883934/32938/en/Pima-Federal-Credit-Union-and-RBAZ-Bancorp-Inc-Announce-Acquisition-Agreement-for-Republic-Bank-of-Arizona.html