A merger is in the works between two Arizona-based credit unions with a history of serving members in the medical industry.
The $600 million-asset Credit Union West in Glendale has agreed to buy $10 million-asset Desert Medical Federal Credit Union in Phoenix. The terms of the deal and when it is expected to close have not been revealed, and representatives from the two credit unions were unavailable for comment.
Bob MacGregor, president and chief executive at Credit Union West, said in a press release that the two credit unions share "a deep understanding of healthcare professionals' financial needs. Both are dedicated to the philosophy of 'people helping people' and have a strong dedication toward exceptional service."
Credit Union West will give Desert Medical members "access to additional products and services," said Paul Stratman, chairman of Desert Medical. "It will also provide the convenience of additional credit union branches in both Maricopa and Yavapai counties, online and mobile banking and an expanded network of ATMs."
Founded in 1951, Credit Union West serves about 60,000 members through 10 offices in Arizona and more than 5,000 Co-Op Shared Branch locations nationwide. The credit union since its inception has served members of the Luke Air Force base and has expanded to serve employees and their families of the John C. Lincoln Health Network and other regional health care providers.
Desert Medical has two branches in Scottsdale and 2,000 members. The credit union also serves HonorHealth network, which has about 11,500 employees, 3,700 affiliated physicians and 3,100 volunteers. HonorHealth was formed by a merger between Scottsdale Healthcare and John C. Lincoln Health Network.
