Read more about our upcoming acquisition by Arizona Federal Credit Union.
Dear Clients:
We continue to make progress toward our previously announced strategic merger with Arizona Federal Credit Union, now known as Arizona Financial Credit Union. The transaction is currently awaiting regulatory approvals, and we believe it to be on track for completion before the end of 2022.
The combined organization will have more than $3.3 billion in assets and serve over 155,000 members at 20 branch locations throughout Arizona. We’ll be one of the largest Arizona-based financial institutions, exclusively focused on serving families and businesses here in our home state.
I’m confident you’ll benefit greatly from the enhanced technology and resources that will become available to you as a result of this transaction. You’ll also continue to see the same familiar faces at our locations as all branches will remain open to serve our communities, and our team members are excited to become Arizona Financial employees – just ask them!
We’ll be sending out more information as details and timelines become clearer, but we don’t anticipate any major impact to you until next year when we convert our banking systems to the Arizona Financial platform. You’ll receive more communication about that process well in advance to minimize any inconvenience. In the meantime, we’ve provided some answers to a few frequently asked questions we’ve received below.
Thank you for putting your trust in Horizon Community Bank, and I look forward to keeping you updated on our progress in the months to come.
Sincerely,
Ralph Tapscott
President & CEO
Horizon Community Bank
Will my deposits continue to be federally insured?
After the completion of the acquisition, your deposits will be insured by the National Credit Union Share Insurance Fund (“NCUSIF”) and not by the FDIC. All of your current deposits will continue to be federally insured up to $250,000 for each account category through the National Credit Union Administration (NCUA), which administers the NCUSIF. More information about deposit insurance will be sent to you approximately 30 days prior to the official transaction date.
What’s the benefit to me related to this acquisition?
Through this transaction you’ll gain access to an expanded suite of consumer financial services, including loans, insurance, credit cards, investment services and more from the same Horizon team members you’ve grown to know and trust. As a member-owned, not-for-profit financial cooperative, Arizona Financial offers competitive rates and low fees and has a history of returning excess capital to its member-owners through its Member Bonus Payout program. Since 2012, the credit union has returned more than $45 million to members.
Will my account number change?
The account conversion process – which is expected to occur on April 1, 2023 – will require a change to account number structures. We will work to minimize any changes made to accounts. We understand this type of change may cause disruption, so our commitment will be to make any transition as smooth as possible, so you experience no interruption in accessing your accounts.
Will I still be able to use my current checks?
Yes, you will continue to be able to use your current checks following our acquisition. If new checks are necessary after the account conversion is complete, you will receive a complimentary box of checks.
Will I still be able to use my debit card?
Yes, you will continue to be able to use your current debit card following the acquisition. We will provide you with a new card prior to the account conversion, which is expected to occur on April 1, 2023.
Will my online and mobile banking change?
Until the account conversion is complete, which is expected to occur on April 1, 2023, you will continue to access online and mobile banking as you do now. You will be notified well in advance of any changes and whether these changes include any new requirements in accessing your information.
Will there be changes to your hours?
There are no plans to change the hours of operation at branch locations. After the account conversion is complete you will gain access to 24/7 live member service by phone, 14 additional branch locations throughout Maricopa County, and more than 30,000 surcharge-free ATMs.
On June 17, 2022, Ross Johnson was awarded the Volunteer of the Year award by the Lake Havasu Area Chamber of Commerce. Ross Johnson’s primary job is as the long-time Executive Vice President and Chief Financial Officer of Horizon Community Bank. “It is rewarding to see Ross get acknowledged for all he does in and for our communities. Ross doesn’t do it for the recognition, he does it because it’s the right thing to do and he cares deeply about the community he calls home – Lake Havasu City.
