Arizona Financial completes acquisition of Horizon Community Bank

“We believe that quality growth and diversification are essential to the continued success of our industry, and we intend to achieve this both organically and through mergers or acquisitions,” said explained Ronald L. Westad, President and CEO of Arizona Financial.

Arizona Financial Credit Union (“Arizona Financial”) today announced that it has completed its plan to purchase assets and assume liabilities from Horizon Community Bank (“Horizon Community”), a Arizona state charter headquartered in Lake Havasu City, Arizona, and a wholly owned subsidiary of Horizon Bancorp, Inc. (OTC Pink: HRRB) (“Horizon Bancorp”).

This transaction allows Arizona Financial to expand into western Arizona, further diversify its assets and add talent and expertise to its workforce. It will also help the credit union continue to invest in new products and services and fund service expansion into additional new markets throughout Arizona.

Horizon Community’s 12,000 customers enjoy access to Arizona Financial’s full suite of banking services, including consumer loans, insurance, credit cards, investments, small business services , SBA and commercial loans, and more.

bad [After successfully integrating the operations of Pinnacle Bank in 2019, Arizona Financial’s board of directors endorsed acquisition opportunities as a component of the credit union’s future growth strategy. __title__ null]“We believe that quality growth and diversification are essential to the continued success of our industry, and we intend to achieve this both organically and through mergers or acquisitions,” said explained Ronald L. Westad, President and CEO of Arizona Financial.

This strategy fit well with Horizon Community as they explored future options for their organization. “Arizona Financial has demonstrated competence and zero commitment [to community banking and they __title__ null]have become a great partner throughout this process,” said Ralph Tapscott, former President and CEO of Horizon Community, who will now serve as President of the Western Arizona Market for Arizona Financial. . “I am excited about the future of our combined organizations and the additional financial services and resources we will bring to communities in western Arizona,” he added.

Horizon Community was founded in 2002 and operated six branches in Fort Mohave, Kingman, Lake Havasu City, Mesa, Parker and Quartzsite, all of which will remain open and have been converted to Arizona Financial branches.

Along with the purchase and assumption of Horizon’s assets and liabilities, Arizona Financial transitioned from a federally chartered credit union to a state-chartered credit union. This allowed the credit union to expand its membership beyond Maricopa and Pinal counties to now include Coconino, Gila, La Paz, Mohave, Navajo, Pima, Yavapai and Yuma counties. Any individual or small business that worships, attends school, or regularly conducts business in these counties is eligible for Arizona Financial membership. The final step in the charter change, which took place on July 1, was for the credit union to rebrand itself as Arizona Financial Credit Union from its previous name Arizona Federal.

The combined organization, which will operate under the Arizona Financial banner, has more than $3.3 billion in assets and now serves more than 155,000 members at 20 locations across Arizona. Arizona Financial deposits continue to be federally insured by the National Credit Union Administration.

Arizona Financial was advised by Honigman LLP, as legal advisor, and McQueen Financial, as financial advisor. Horizon Community was advised by Fenimore Kay Harrison LLP, as legal advisor, and Hovde Group, LLC, as financial advisor.

About Arizona Financial Credit Union

Arizona Financial, formerly Arizona Federal, is a $3.3 billion nonprofit financial cooperative that provides personal and small business banking services and expertise to more than 155,000 members/owners. Founded in Arizona in 1936, the credit union empowers its members to take control of their financial future through the provision of cutting-edge self-service tools and mobile apps, competitive rates on loans and deposits, of robust home loan solutions, identity protection services and SBA and commercial loans. Arizona Financial has a history of involvement in the local community and is the venue sponsor of LiveNation Theater and the exclusive credit union partner of Phoenix Rising FC. The credit union has 20 locations in the Phoenix metro area and western Arizona and is part of the CO-OP network which provides members with national account access at 5,000 credit union branches and 30 000 ATMs. Deposits are federally insured by the National Credit Union Administration.

For more information: ArizonaFinancial.org

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