On November 1, 2023, A.E.A. Federal Credit Union, Yuma, Arizona, announced that it had entered into a purchase and assumption agreement with West Valley National Bank, Goodyear, Arizona and its parent holding company, West Valley Bancorp, Inc. Pursuant to the agreement, A.E.A. Federal Credit Union will purchase substantially all assets and assume substantially all liabilities of West Valley National Bank. Following the completion of the transaction, West Valley National Bank and West Valley Bancorp, Inc. will each dissolve and liquidate, and all remaining assets will be distributed to the shareholders of West Valley Bancorp, Inc.
A.E.A. Federal Credit Union has approximately $350 million in assets, and has four branch offices located in and around Yuma and over 33,000 members.
West Valley National Bank has approximately $80.6 million in assets and has three branches in the Phoenix, Arizona region and one branch in Las Vegas, Nevada.
Luse Gorman is serving as legal counsel to A.E.A. Federal Credit Union in the transaction. The Luse Gorman team consists of Jeffrey Cardone, Michael Brown, Brendan Clegg, Brendan Saxon and Babette Schwartz.
Luse Gorman has acted as counsel on more than 100 bank and credit union M&A transactions during the past seven years and more bank and credit union M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.