Last update: December 1, 2019
It's with great excitement that I announce our acquisition of Pinnacle Bank, a local community bank serving approximately 2,200 clients at four branch locations in Tempe, Scottsdale and Phoenix. The transaction was finalized on November 30, 2019, and both organizations are thrilled to be united under the Arizona Federal Credit Union name and charter.
Fun fact: This is the first time an Arizona-based credit union has acquired a bank, so we’re making history as well!
I’d like to take this opportunity to officially welcome all former Pinnacle Bank clients to the Arizona Federal family. We’re excited to get to know you better so we can further assist you in reaching your goals. Please take a look around to get to know us a little better as well.
I’d also like to welcome all of the employees of Pinnacle Bank to Arizona Federal. I’ve had the pleasure of getting to know many of them over the last several months as our teams have worked closely together on the acquisition process. The competency, knowledge and care they have displayed will add to our depth of talent and expertise, and I am excited for our collective future!
While completing the purchase and acquisition of Pinnacle Bank was a major milestone, there is still much work to be done. Our teams will continue working on integration of computer systems, accounts, services, processes 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 for all members. In the meantime, it’s business as usual, and you should experience little to no impact. Please refer to our Frequently Asked Questions below for additional details.
As always, thank you for your membership, and I look forward to keeping you updated on our progress in the months to come.
Ronald L. Westad
Frequently Asked Questions
Through this transaction the member-owners of Arizona Federal gain access to additional home loan services, expanded small business services, SBA financing options and commercial lending services. As an organization, Arizona Federal gains access to new lines of business that will help fuel our continued growth to the benefit of all of our member-owners.
In addition, former clients of Pinnacle Bank, who are now Arizona Federal’s newest members, gain access to expanded consumer financial services, including savings, loans, insurance, credit cards, investments and robust online/mobile banking tools.
Nothing is changing right now. It’s business as usual, and you should notice little to no impact to your everyday banking transactions.
For former Pinnacle Bank clients, please continue to visit the same branch locations you have always used to access your accounts. The four Pinnacle Bank locations have been re-named Arizona Federal Business & Home Loans Centers. The same great team members you’ve always known are ready to serve you. In addition, you can continue to access your accounts through the same website and mobile apps as before – they just may look a little different than before with new colors and logos. For phone support, continue to call the same numbers as you always have.
For all other Arizona Federal members, you should continue to visit one of our 12 Valley branch locations for account services, transactions and assistance. The former Pinnacle Bank branch locations, which have been re-named Business & Home Loans Centers, will not have access to your account information and will be unable to assist you. You can continue to access your accounts online or via the mobile app. And, of course, our 24/7 call center at (602) 683-1000, stands ready to assist as always.
For former Pinnacle Bank clients, please continue to visit the former Pinnacle Bank branch locations, which have been re-named Business & Home Loans Centers, for account assistance and transactions. As an added bonus, you can now utilize all Arizona Federal-branded ATMs for no-fee cash withdrawals. ATMs are available at all Arizona Federal branch locations, excluding Business & Home Loan Centers.
For all other Arizona Federal members, the four former Pinnacle Bank locations (our new Business & Home Loan Centers), will not be ready to serve you until the 3rd or 4th quarter of 2020. In the meantime, please continue to visit one of our other 12 Valley branch locations for account services and transactions.
Pinnacle Bank’s four former locations have been re-named Business & Home Loan Centers. These locations will not be ready to serve members who joined the credit union through one of our traditional retail channels (online at ArizonaFederal.org or one of our 12 Valley branch locations) until sometime in the second half of 2020.
Business & Home Loan Centers will continue to serve the banking and lending needs of former Pinnacle Bank clients. In addition, all members who need access to expanded business and home loan services are welcome to visit these locations. However, please remember that our Business & Home Loan Centers will not have access to any Arizona Federal account information for accounts opened through one of our traditional retail channels (online at ArizonaFederal.org or one of our 12 Valley branch locations).
Home loans services (purchase, refinance, construction/remodel loans and lot loans) can be accessed by calling (602) 683-1000 or online. Home Equity loan requests can be initiated online, by phone at (602) 683-1000, or by visiting one of the 12 traditional Arizona Federal retail branch locations.
Once our systems and account conversion process is completed in the 3rd or 4th quarter of 2020, we anticipate all members will have access to our expanded network of 16 locations. Stay tuned for details.
No, Arizona Federal remains committed to our foundation as a federally-chartered credit union. All assets and liabilities of Pinnacle Bank have been purchased and assumed by the credit union. Deposits are federally insured by the National Credit Union Administration.
We are pleased to announce that no jobs have been lost as a result of the acquisition. Former Pinnacle Bank employees have joined together with Arizona Federal employees, sharing a commitment to deliver financial services and expertise to families and small businesses throughout the communities we serve.
Through our members’ use of our services, we’ve built capital reserves in excess of twice the level our regulators consider to be “well capitalized.” We’ve leveraged that financial strength to make this strategic investment.
After the acquisition, our capital reserves remain well in excess of the “well capitalized” levels. During our due diligence process we partnered with firms who specialize in financial modeling and had them independently perform and validate our projections. Even the “worst case” projections modeled, while unlikely to result, do not threaten the safety and soundness of your credit union.
Looking to the future, through this acquisition we have gained access to new lines of business and expertise that will help fuel our continued growth to the benefit of all of our member-owners.