YUMA, Ariz. — The $384.8-million A.E.A. Federal Credit Union is buying the $80.5-million West Valley National Bank, headquartered approximately 170 miles away in Goodyear, Ariz., near Phoenix.
When the transaction is finalized, the combined institution will have approximately $456 million in assets, and A.E.A FCU will have seven branches in Arizona and one branch in Las Vegas, according to the organizations.
According to its call report filed with the FDIC, the bank had $142,000 in net income through mid-year.
“The acquisition is part of AEA’s strategy to expand its footprint in the Phoenix region and into Nevada, diversify its assets, and add additional talent and expertise,” the credit union said.
Serving the Underserved
Added A.E.A. FCU CEO Adele M. Sandberg, “Our goal as a certified Community Development Financial Institution (CDFI) is to serve the underserved, and by expanding our footprint eastward into Arizona through this acquisition, we can do so more expediently.”
The transaction is anticipated to be completed in the late second quarter of 2024 subject to receiving all required regulatory approvals, approval from the shareholders of West Valley Bancorp, and the satisfaction of other customary closing conditions.
The Advisors
AEA was advised by Luse Gorman, PC as legal counsel. West Valley Bancorp and West Valley National Bank were advised by Hunton Andrews Kurth LLP and the Parker Law Team, PLLC as legal counsel.
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