May 17, 2024

On May 16, 2024, Pima Federal Credit Union, Tucson, Arizona, entered into a definitive agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Republic Bank of Arizona, Phoenix, Arizona, the wholly owned subsidiary of RBAZ Bancorp, Inc. Under the agreement, RBAZ Bancorp, Inc. shareholders will receive approximately $22.00 per share of fully diluted common stock held, representing aggregate consideration of $43.7 million.

Pima Federal Credit Union has approximately $1.2 billion in assets and operates from nine locations in Arizona with over 65,000 members.

The Luse Gorman team consisted of Jeff Cardone, Michael Brown, Brendan Clegg, Brendan Saxon, Babette Schwartz, and Keeler Fina.

Luse Gorman has acted as counsel on more than 100 bank and credit union M&A transactions during the past five 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.