Alaska USA Federal Credit Union has brokered a deal to acquire TCF Bank’s seven branches located in the greater Phoenix, Arizona, the US.
The not-for-profit cooperative will also obtain certain related assets and deposits of TCF Bank.
Go deeper with GlobalData
Following the acquisition, TCF Bank will operate a total of 15 branches in the Phoenix market. The company employs over 300 people in the US state of Arizona.
Alaska USA assets comprise of a financial center, an operations center, and a data center in Glendale, Arizona.
Alaska USA, which has more than 673,000 members globally, has operation in Alaska, Arizona, California and Washington. The credit union has over $8.3bn in assets.
Alaska USA president and CEO Geoff Lundfelt said: “The acquisition of TCF Bank’s seven branches and deposits in Arizona further demonstrates our commitment to providing expanded access to credit union services to individuals residing throughout Maricopa County.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“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.”
Alaska USA noted that it will retain all TCF Bank employees working at the seven branches.
TCF Bank regional banking executive vice president Michael Jones said: “The sale of these banking centers allows us to prioritise our efforts and resources on core markets where we have 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.”
The deal is expected to be completed in the second quarter of 2020, subject to customary closing conditions and regulatory approval.
