Two Arizona-based financial institutions have agreed to a merger that will create what they describe as one of the largest community banks headquartered in the state.
Scottsdale-based Bancorp 34 Inc., the parent company of Bank 34, entered a merger agreement with CBOA Financial Inc., parent company of Commerce Bank of Arizona, headquartered in Tucson, the two financial institutions announced Thursday.
If approved, the newly combined community bank will hold nearly $1 billion in assets. Both banks are similar in size in comparing total headcount, with Bank 34 having 62 employees and Commerce Bank of Arizona with 58 employees, according to public filings.
“This is an exciting combination that will accelerate both companies’ strategic goals by enhancing our ability to serve our customers,” Jim Crotty, president and CEO of Bank 34, said in a statement. “Higher lending limits will allow us to tap new opportunities and grow stronger relationships with our existing customers, while increased scale will allow us to more efficiently meet the needs of all our stakeholders. I am excited to partner with the Commerce team and believe we will do great things together.”
