LAS VEGAS–In the third acquisition of a bank by a credit union this week—and in one of the largest—America First FCU said it plans to acquire the $1.3 billion Meadows Bank in Las Vegas.

The $22.5-billion America First, based in Riverdale, Utah,  said it will purchase substantially all of the assets of Meadows Bank and assume substantially all of its liabilities. Upon closing the transaction, Meadows Bank will operate under the name: Meadows Financial: a division of America First.

About Meadows Bank

The bank is relatively young, having been founded in 2008. It has six locations in Nevada and Arizona and said it has a “relationship-based approach to banking (that) focuses on making decisions locally.”

Meadows offers a full suite of lending and deposit offerings and is a National SBA Preferred Lender, America First said.

America First is the sixth largest credit union in the nation and has 113 locations across Arizona, California, Idaho, Nevada, New Mexico, and Utah, and serves approximately 1.5 million members. 

The Financials

America First had net income of $76.5 million in the first quarter, with net worth of 11.17%. Meadwos Bank had net income of $4.7 million as of March 31.

“The integration of our two organizations will further strengthen America First’s ability to provide its members with comprehensive business solutions and provide Meadows’ customers with access to a full suite of consumer products and services,” the credit union said in a statement. “It is an important milestone in meeting the financial needs of this dynamic region.”

Terms of the deal were not released. 

Two Other Acquisitions

As the CU Daily reported earlier, the $1.1-billion Metairie, La.-based OnPath FCU said it will acquire the $183-million Heritage Bank of St. Tammany in Covington, La., while San Francisco FCU announced it is reaching across the bay to acquire Oakland, Calif.-based Summit Bank in an all-cash transaction.