YUMA, Ariz—The $385-million Avenir Financial FCU here has agreed to acquire $195-million Mission Bank, based in Kingman, Ariz., according to Luse Gorman, which is serving as legal counsel to Avenir in the transaction.
Unlike most previous credit union bank acquisitions, this deal stands out because both institutions are similar in asset size. The agreement marks the eighth CU purchase of a bank in 2025.
The credit union’s net income slipped dramatically last year, making $742,514. In 2024 Avenir made just over $4 million. Through March of 2025, Avenir made $220,432, according to Call Report data. Net worth is 15.91%. Mission Bank made $668,000 in 2024, according to FDIC data.
The buy has immediately drawn fire—again—from the Independent Community Bankers of America.
“The credit union industry’s tax and regulatory exemptions have rightfully been scrutinized in recent months, and with another acquisition of a tax-paying community bank by a tax-exempt credit union, the need for policymaker action is urgent,” said ICBA President and CEO Rebeca Romero Rainey.
Romero asserted that credit unions operate “far outside” their congressional mandate of serving people of modest means with a defined membership, adding they “continue to exploit their tax exemption with egregious activities like financing multimillion-dollar NFL stadium naming rights deals, buying private planes for their senior executives, and raising funds from Wall Street hedge funds. Policymakers must address this taxpayer-subsidized consolidation brought about by growth-obsessed credit unions taking advantage of loopholes and act to preserve market choice for consumers and small businesses.”