Ronald L. Westad President/CEO
Third Quarter 2019 – That's right, we're buying a bank!
Earlier this summer we announced our planned acquisition of Pinnacle Bank, headquartered in Scottsdale. The exciting combination of two local financial institutions committed to serving our neighbors and businesses throughout the Valley is as good as it gets. It’s also newsworthy that this will be the first time an Arizona-based credit union has acquired an Arizona-based bank.
Ultimately our excitement is for our members and Pinnacle’s clients because of the additional services we’ll be offering once the acquisition is complete.
We are also proud to declare our commitment to retaining all of Pinnacle’s employees to ensure a continuity of service that Pinnacle’s clients expect. The competency, knowledge and care of Pinnacle’s employees will add to our depth of talent and expertise, which will serve to enhance our members’ service experiences.
Through this transaction you, as a member-owner of Arizona Federal, will gain access to additional home loan services, expanded small business services, SBA financing options and commercial lending services. Similarly, Pinnacle Bank clients, who will become the newest members of Arizona Federal, will gain access to expanded consumer financial services, including savings, loans, insurance, credit cards, investments, and transaction/payment options.
What to expect going forward
Our teams have been working diligently to prepare for this planned acquisition, but there is much to be done and the timeline will extend well into 2020. Here’s what you can expect in the near-term:
- This transaction is awaiting approval from regulators and Pinnacle Bank shareholders. (NOTE: the date of final approval is estimated for some time in the 4th quarter of this year.)
- Once approved, the combined institutions will retain the Arizona Federal Credit Union name and the credit union’s federal charter.
- Your deposits will continue to be federally insured by the National Credit Union Administration up to $250,000.
- Following approval by the regulator, we will still be working to combine our processes and computer systems. Conversion of systems is estimated to occur in the 2nd or 3rd quarter of 2020.
- Until systems are converted, Arizona Federal members and Pinnacle Bank clients should experience little to no impact – account numbers, credit/debit card numbers and online/mobile banking login credentials will not change.
- We will provide appropriate communications and event timelines as system conversions begin.
- Current members should continue to use Arizona Federal’s 12 branch locations to access their accounts and perform transactions. Pinnacle Bank locations will not be available initially for credit union-related account services and transactions.
- Any accounts and services you have with Pinnacle Bank will transition to Arizona Federal after the systems conversion and integration is completed in 2020.
How can I learn more?
We’ll be updating our website with the latest information. We’ll also communicate through email as needed, so please make sure we have your current email address. You can verify this by logging in to your online account or our mobile app and clicking My Settings.
As always, thank you for the opportunity to serve you. We’re excited about what the future holds for your financial cooperative!
Ronald L. Westad
President and Chief Executive Officer