The $1.6 billion Arizona Federal Credit Union in Phoenix finalized the acquisition of the $269 million Pinnacle Bank, also based in Phoenix.
The credit union said that the acquisition will provide members access to additional home loan and small business services, SBA financing options and commercial lending services.
This was the first time a credit union has acquired a bank in Arizona. The credit union told its 127,888 members that it was not becoming a bank and remains committed to operating as a federally insured cooperative.
