Ronald L. Westad President/CEO
Fourth Quarter 2019 – Here's to an exciting 2020!
I’m not sure about you, but here at Arizona Federal Credit Union, it seems like the year has gone by in a blink. If you haven’t already heard, we’re buying a bank – Pinnacle Bank, to be exact, based locally in Scottsdale. And over the last several months, teams from Arizona Federal and Pinnacle Bank have been busy planning and coordinating all aspects of Arizona Federal’s acquisition of the bank. We're excited to announce we've received regulatory approval and expect the acquisition to be finalized on November 30, 2019.
So why are we doing this? 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. As an organization, we’ll gain access to new lines of business that will help fuel our continued growth to the benefit of all of our member-owners.
New locations: Business & Home Loan Centers
Once the acquisition of Pinnacle Bank is complete, you’re likely to see our new Business & Home Loan Centers popping up around the Valley. These locations are former Pinnacle Bank branches, and as an important reminder, they will not be ready to serve current Arizona Federal members until sometime in the second half of 2020. In the meantime, please continue to visit one of our current 12 Valley locations for account services and transactions.
Acquisition next steps
Completing the purchase and acquisition of Pinnacle Bank will be a major milestone, but there will still be plenty of work to do. Our teams will continue working on integration of computer systems, accounts, services and branches.
This work is expected to be completed by the 3rd or 4th quarter of 2020, resulting in expanded service offerings and streamlined delivery channels.
In the meantime, it’s business as usual, and you should experience little to no impact. The combined institution will retain the Arizona Federal Credit Union name and charter, and deposits will continue to be federally insured by the National Credit Union Administration up to $250,000. For the latest updates on the acquisition and conversion process, please visit ArizonaFederal.org.
Catch us in the community
We’d like to extend our congratulations to the Phoenix Rising Football Club. They ended the regular season with a 24-6-4 record and a first-place ranking in the USL Western Conference. Although they were eliminated in the second round of the playoffs, they had an exciting season! If you haven’t attended a game, be sure to check them out next season and take advantage of discounted tickets available to Arizona Federal members.
With the cool fall weather, we also invite you to stop by the Downtown Phoenix Farmers Market. Our team is on-site once a month, and Arizona Federal is also proud to sponsor the POP Club kids’ corner at the market. Bring your family for fun activities while supporting small farmers and local business that strengthen the community.
Coming soon ... another big announcement?
2019 has been an exciting year for your credit union with the announcement of the Pinnacle Bank acquisition. But there is still more in store before the New Year. Look for us to make another dramatic announcement in December. Who knows, you may see our name in lights sometime very soon!
As always, thank you for your ongoing support as a member-owner of Arizona Federal. From everyone here at your credit union, we wish you and yours the best this holiday season.
Ronald L. Westad
President and Chief Executive Officer