YUMA, Ariz.–Avenir Financial FCU said it is buying Mission Bank in Kingman, Ariz.

For the $381.7-million Avenir Financial, the $195-million bank is half its size. The two institutions are approximately 215 miles apart.

Avenir Financial, which until January of 2024 was known as AEA FCU, had net income of $220,432 as of March 31, with healthy net worth of 15.91%. Mission Bank earned approximately $670,000 in 2024. 

Bankers Respond

The Independent Community Bankers of America wasted little time in criticizing the acquisition.

“The credit union industry’s tax and regulatory exemptions have rightfully been scrutinized  recent months, and with another acquisition of a tax-paying community bank by a tax-exempt credit union, the need for policymaker action is urgent,” said ICBA President and CEO Rebecca Romero Rainey. “Credit unions operate far outside their congressional mandate of serving people of modest means with a defined membership, and they continue to exploit their tax exemption with egregious activities like financing multimillion-dollar NFL stadium naming rights deals, buying private planes for their senior executives, and raising funds from Wall Street hedge funds. Policymakers must address this taxpayer-subsidized consolidation brought about by growth-obsessed credit unions taking advantage of loopholes and act to preserve market choice for consumers and small businesses.”