PHOENIX–Pima Federal Credit Union is reporting it has received regulatory approval to acquire RBAZ Bancorp, the parent company to Republic Bank of Arizona. The acquisition is scheduled to close on May 2, 2025.

The $1.275-billion Pima Federal’s assets will increase to approximately $1.5-billion with the acquisition.  PFCU posted $14.1 million in net income and had net worth of 10.32% as of year-end 2024. Pima Federal is purchasing the bank for approximately $39 million; the bank had just over 1,600 customers at the time the acquisition was announced in May of 2024. 

“We are delighted to receive regulatory approval for the acquisition of Republic Bank of Arizona,” PMCU President and CEO Eric Renaud said in a statement. “This acquisition represents a pivotal moment for our organization. By combining our strengths with those of Republic Bank, we are prepared to deliver even greater value to our members and communities.”

Over the coming months, Pima Federal said in a statement it will be focused on ensuring a smooth transition for all customers and employees and that it is are committed to maintaining high service standards throughout this process.

Voluntary Dissolution

Following the closure, RBAZ said it will initiate the voluntary dissolution of Republic Bank and RBAZ, distributing net assets and cash proceeds to shareholders through multiple distributions. The first distribution is planned shortly after the asset sale closing, with the final distribution occurring during RBAZ’s dissolution.