Buying Horizon would give Arizona Federal six new locations and help it expand into the western half of the Grand Canyon State.
The bank held $539.5 million in assets, $259.9 million in loans, $471.7 million in deposits and $43.4 million in equity, as of Dec. 31. The asset total would push Arizona Federal past $3.3 billion. The credit union is already Arizona’s third-largest, according to Credit Union Times.
The deal, expected to be complete by the end of the year, hinges on whether the credit union can convert its charter from a federal to state one, according to a statement from Arizona Federal.