PHOENIX–Alaska USA FCU has entered into an agreement to purchase seven branches of TCF National Bank in the greater Phoenix market, including deposits and certain related assets. As part of the agreement, Alaska USA will extend employment offers to all TCF Bank team members who work at the seven branches, the credit union said.
The seven new branches will be added to the eight branches that Alaska USA currently operates in the Phoenix market. In addition to the branch network, Alaska USA also has a financial center, an operations center and a data center in Glendale, Ariz. and employs more than 300 people in the state.
The $8.2-billion Alaska USA has more than 673,000 members and branch operations in Alaska, Arizona, California and Washington.
"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," said Geoff Lundfelt, Alaska USA president and CEO, in a statement. "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."
Added Michael S. Jones, executive vice president of regional banking at TCF Bank, “The sale of these banking centers allows us to prioritize 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."
Financial terms of the agreement were not disclosed, and the transaction is expected to close in the second quarter of 2020.