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Arizona deal marks 5th credit union purchase of bank in 2022

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.

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