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Pima Federal Credit Union and RBAZ Bancorp announced an all-cash acquisition agreement for Republic Bank of Arizona. Following the transaction, RBAZ shareholders are estimated to receive around $22.00 per fully diluted share. Pima will acquire nearly all assets and assume most liabilities of Republic Bank, expanding its branch network to twelve locations with over $1.5 billion in assets. The acquisition, pending regulatory approvals and RBAZ shareholder consent, is expected to finalize in the second half of 2024. Post-acquisition, Republic Bank will dissolve, and its accounts will be serviced by Pima.
Both companies highlight shared values and strategic growth as key drivers of this deal. Brian Ruisinger, RBAZ's CEO, will continue to lead the Phoenix market for Pima. The agreement has been approved by the Boards of both entities.
