Today, we are excited to announce our new name and give you more information about what is ahead.
On January 16, 2024, we will enthusiastically open our doors as:
Avenir is a name full of promise and energy. The new name reflects our longstanding passion for
helping each of our members meet and exceed their financial goals. It reflects our deep roots in the
communities we serve. It is also optimistic and actively reaching for the future, just like we are.
As Avenir Financial, we are committed to uplifting families toward their American dream – the ideal
by which equality of opportunity is available to anyone, allowing the highest aspirations and goals
to be achieved. We remain focused on building relationships because people are at the heart of
everything we do. We will continue to be curious so we can learn and uncover opportunities that make
lasting impacts on our members’ lives and the communities we serve. We are honored to be your
On behalf of our staff and volunteer Board of Directors, we appreciate your membership and look
forward to serving you as Avenir Financial for years to come.
AEA Federal Credit Union Announces Agreement to Acquire West Valley National Bank
YUMA, AZ and GOODYEAR, AZ, November 1, 2023. A.E.A. Federal Credit Union
(“AEA”), headquartered in Yuma, Arizona, has entered into a purchase and assumption agreement with
West Valley National Bank, headquartered in Goodyear, Arizona, and its parent holding company,
West Valley Bancorp, Inc. (“West Valley Bancorp”). Pursuant to the agreement, AEA will purchase
substantially all assets and assume substantially all liabilities of West Valley National Bank.
The transaction has been unanimously approved by the boards of directors of both institutions.
Following the completion of the transaction, West Valley National Bank and West Valley Bancorp
will each dissolve and liquidate, and all remaining assets will be distributed to West Valley
Bancorp’s shareholders. When the transaction is finalized, the combined institution will have
approximately $456 million in assets, and AEA will have seven branches in Arizona and one branch
in Las Vegas, Nevada.
The acquisition is part of AEA’s strategy to expand its footprint in the Phoenix, Arizona region
and into Nevada, diversify its assets, and add additional talent and expertise. West Valley
National Bank customers who become members of AEA will have full access to all of AEA’s expansive
product and service offerings.
Adele M. Sandberg, President and CEO of AEA, said “This partnership with West Valley National
Bank and its customers will expand our footprint into the Phoenix, Arizona region and also add a
presence in Las Vegas, Nevada. Our goal as a certified Community Development Financial Institution
(CDFI) is to serve the underserved, and by expanding our footprint eastward into Arizona through
this acquisition, we can do so more expediently.”
Ronald T. Evans, Jr., President and CEO of West Valley National Bank and West Valley Bancorp,
said “We believe this is an exciting moment for West Valley National Bank. This transaction allows
West Valley National Bank employees to join together with AEA employees in a shared commitment to
deliver quality community-focused financial services and expertise to our collective customers
throughout the communities we serve, and allows us to leverage our collective strengths and
resources to deliver such services.”
The transaction is anticipated to be completed in the late second quarter of 2024 subject to
receiving all required regulatory approvals, approval from the shareholders of West Valley
Bancorp, and the satisfaction of other customary closing conditions.
AEA was advised by Luse Gorman, PC as legal counsel. West Valley Bancorp and West Valley National
Bank were advised by Hunton Andrews Kurth LLP and the Parker Law Team, PLLC as legal counsel.
About A.E.A. Federal Credit Union
AEA is a not-for-profit financial cooperative dedicated to people helping people. Membership at
AEA means becoming part of a credit union family of more than 33,000 members. For over 82 years,
the credit union has served residents of Yuma and La Paz counties in Arizona. AEA is headquartered
in Yuma, Arizona, and has four branches in and around Yuma. AEA has approximately $350 million in
assets. For more information, visit www.avenirfinancial.org.
About West Valley Bancorp and West Valley National Bank
West Valley Bancorp has served as the bank holding company of West Valley National Bank since the
bank’s inception in 2006. Serving the State of Arizona and Clarke County, Nevada, West Valley
National Bank is one of a few locally-owned and operated community banks, which was founded by
local leaders for the purpose of fulfilling the banking needs of the local community. West Valley
National Bank conducts its business from its headquarter in Goodyear, Arizona and its three
full-service branches in Gila Bend, Arizona, Phoenix, Arizona and Las Vegas, Nevada. West Valley
National Bank has approximately $80.6 million in assets. For more information, visit https://www.wvnb.net.
Forward Looking Statements. Certain statements in this
news release contain “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and
are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and
other factors, such as the businesses of AEA and West Valley National Bank may not be integrated
successfully or such integration may take longer to accomplish than expected, the expected cost
savings and any revenue synergies from the transaction may not be fully realized within the
expected timeframes, disruption from the transaction may make it more difficult to maintain
relationships with customers, associates, or suppliers, the required regulatory approvals of the
transaction may not be obtained on the proposed terms and schedule, or West Valley Bancorp
shareholders may not approve the transaction, any of which could cause actual results to differ
materially from future results expressed or implied by such forward-looking statements. Although
we believe that the assumptions underlying the forward-looking statements are reasonable, any of
the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the
results contemplated in the forward-looking statements will be realized. The inclusion of this
forward-looking information should not be construed as a representation by AEA and West Valley
National Bank or any person acting on their behalf that the future events, plans, or
expectations contemplated by AEA and West Valley National Bank will be achieved. All subsequent
written and oral forward-looking statements concerning AEA and West Valley National Bank or any
person acting on their behalf is expressly qualified in its entirety by the cautionary
statements above. None of AEA, West Valley National Bank or West Valley Bancorp undertake any
obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise, to reflect circumstances or events that occur
after the date the forward-looking statements are made.