KEARNY Ariz.–Two Arizona credit unions, one of which is significantly undercapitalized, have announced their intent to merge.
The $15.3-million Arizona Copper FCU said it is seeking to merge into the $276.8-million American Southwest Credit Union in Sierra Vista, Ariz.
American Cooper reported a $54,029 loss through the first quarter of 2024, and capital of 4.50%, following a loss of $33.507 at year-end 2023. It has approximately 2,200 members.
The $276.8-million American Southwest Credit Union, which has more than 31,000 members, reported $3.53 million in 2023 net income, with capital of 9.85%.
“The merger is a positive step forward for both ACFCU and ASCU members,” ASCU President and CEO Jay Williamson said in a statement. “By merging, we can create a stronger financial institution that is better equipped to meet the evolving needs of our members.”
In addition to offering expanded services, ASCU said it will also be expanding its reach by opening a new branch in Thatcher, Ariz.
‘Positive Development’
“The merger and expansion represent positive developments for credit union members in southeastern Arizona,” the credit unions said in a statement. “The combined institution will be better equipped to serve the needs of its members, and the new branch in Thatcher will make financial services more accessible to residents of that community.”
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