Credit union to acquire seven TCF branches in Arizona
Alaska USA Federal Credit Union in Anchorage has agreed to acquire seven Phoenix-area branches from TCF Financial in Detroit.
The credit union will also buy the branches' deposits, which totaled $192 million in mid-2019, and certain unspecified assets. All branch employees were offered positions with Alaska USA.
Alaska USA did not disclose the price it will pay. The deal is expected to close in the second quarter.
The credit union will have 15 branches in the Phoenix area when the deal closes, along with a financial center, data center and operations center in Glendale.
The $8 billion-asset Alaska USA serves more than 673,000 members and operates in Alaska, Arizona, California and Washington.
The acquisition "further demonstrates our commitment to providing expanded access to credit union services to individuals residing throughout Maricopa County,” Alaska USA President and CEO Geoff Lundfelt said in a press release. “We look forward to serving these customers, who will have the opportunity to become members of our credit union and all that it has to offer.”
Michael Jones, a regional banking executive at TCF, said the deal will allow his company to focus more on markets where it has greater scale.
“We see tremendous opportunity to centralize our strong brand and full-service product offerings throughout our markets in Michigan, Minnesota, Illinois, Colorado, South Dakota, Ohio and Wisconsin,” Jones said in the release.
Alaska USA is one of a growing number of credit unions operating in noncontiguous states, a trend likely to continue as big credit unions continue to grow.
Piper Sandler and Dorsey & Whitney advised the credit union. D.A. Davidson and Vantage Law Group advised TCF.