TUCSON, AZ (March 24, 2025) -- Pima Federal Credit Union (PFCU), based in Tucson, is poised for growth, following the regulatory approval to acquire Phoenix-based Republic Bank of Arizona. Announced last week, this all-cash transaction with RBAZ Bancorp, Republic Bank’s parent company, positions PFCU to become Arizona’s sixth-largest credit union, according to ABC15. The acquisition, first disclosed in May 2024, marks PFCU’s strategic entry into Maricopa County, with the deal expected to close by May 2.
With this expansion, PFCU’s asset portfolio will grow to $1.5 billion, incorporating Republic Bank’s branches in Phoenix, Gilbert, and Scottsdale, bringing PFCU’s total locations to 12.
“This acquisition is a transformative step for our organization. By integrating Republic Bank’s strengths with ours, we’re ready to enhance value for our members and communities,” said PFCU President and CEO Eric Renaud in a statement to the Phoenix Business Journal.
Republic Bank’s customers will transition seamlessly, with their accounts serviced by PFCU post-merger.
Once finalized, Republic Bank will be dissolved, and its parent company, RBAZ Bancorp, will cease trading on the over-the-counter market. RBAZ anticipates distributing $22 per share to shareholders upon dissolution.
“We are thrilled to expand Pima Federal’s offerings into the fast-growing Phoenix metro market and unite two strong institutions committed to exceptional service,” said Alan Sparks, chairman of RBAZ and Republic Bank, in a statement to the Phoenix Business Journal.
The merger is set to reshape Arizona’s financial landscape, positioning PFCU closer to top-tier credit unions in the region. With $1.81 billion in assets, TruWest Credit Union currently holds a higher market share, but PFCU’s expansion could shift competitive dynamics. A seamless transition remains a priority, with a PFCU spokesperson indicating that Republic Bank of Arizona President and CEO Brian Ruisinger is expected to lead the Phoenix market post-merger, though his official title has yet to be announced.
PFCU will continue operating under its current name, though a potential rebrand may be considered to reflect its growing and diverse membership. For those eager to stay updated on PFCU’s future strategies, financial developments, and breaking news, the Phoenix Business Journal offers newsletters and app alerts. As the acquisition progresses, attention will remain on ensuring a smooth integration for customers, employees, and the combined institution’s suite of financial services.