Combined institution to offer exciting member service enhancements & expand Arizona Financial's footprint to western Arizona.

Last update: March 10, 2022

Dear Members:

It is with great excitement that I announce to you our intended acquisition of Horizon Community Bank, currently the second largest community bank in Arizona, serving approximately 12,000 clients at branch locations in Lake Havasu City, Fort Mohave, Kingman, Parker, Quartzsite and Mesa. This will be the second time an Arizona-based credit union has acquired a community bank, the first being our acquisition of Pinnacle Bank in 2019.

We were introduced to Horizon Community Bank last fall. They were exploring options to help increase value for their clients, employees and shareholders. After a substantial period of due diligence, our Board of Directors voted unanimously in favor of proceeding with an acquisition.

Through this transaction, Horizon Community Bank clients, who will become the newest members of Arizona Financial, will gain access to expanded consumer financial services, including loans, insurance, credit cards, investment services and more. You, as a member-owner, will gain additional account access with branches in five new market areas. More importantly, our cooperative will benefit from further diversification and from new revenue streams, which will help us continue investments in new products and services, including enhanced online services. It will also help fund the future expansion of our services to new markets throughout Arizona.

The transaction is subject to Horizon Community Bank shareholder approval and regulatory approval including the conversion of our charter from a Financial to a state charter, allowing us to expand our field of membership beyond its current definition. We will be sending out more communication about that process in the weeks to come. Once approved, we expect the transaction to be completed by the end of 2022.

The combined organization will have more than $3.3 billion in assets, 21 branch locations, and serve over 155,000 members throughout Arizona.

This is just the beginning of the process for us – we have a lot of work to do to ensure this proceeds as smoothly as possible for everyone involved. But we know you may have some questions, so we have compiled answers to some FAQs we anticipate our members may have.

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

The acquisition is advantageous to Arizona Financial for several reasons, including:

  • The addition of new market areas, some of which have limited banking options, to serve and grow membership
  • The diversification of assets acquired adds to the financial soundness of our credit union
  • A healthy revenue stream that can be used to fund additional services and locations

We believe growth in members and assets is critical to long-term success in the financial services industry. With greater scale we can continue to provide both the high-touch and high-tech services you’ve come to expect. After successfully acquiring and integrating Pinnacle Bank in 2019, we’ve experienced the benefits of acquisition as a strategy to compliment organic membership growth.

As a result of the acquisition of Pinnacle Bank in 2019, Arizona Financial now offers a full suite of small business and residential lending (mortgage) services. We’ve also become an SBA preferred lender for business loans, and during the height of the pandemic we were able to provide our members with over $60 million in forgivable Paycheck Protection Program loans, keeping thousands of people employed throughout the Valley.

We will continue to explore acquisition opportunities as they become available, under the direction of our member-elected board of directors who must approve any such transactions.

There will be no immediate changes to you or your account access as a result of the transaction. You will eventually be able to access your account at our newest locations (the former Horizon Community Bank branches).

Longer term, the revenue stream acquired in this transaction will be used to fund continued investments in products and services, as well as to expand our branch network throughout Arizona.