RIVERDALE, Utah—In one of the largest credit union bank buys to date, the $22.5-billion America First Credit Union here has agreed to buy the $1.35-billion Meadows Bank, based in Las Vegas.
The agreement, the second-largest CU bank buy ever, marks the third CU acquisition of a bank this week, with $1.1-billion OnPath Federal Credit Union agreeing to purchase $183.5-million Heritage Bank of St. Tammany, and $1.3-billion San Francisco FCU acquiring $287-million Summit Bank.
The transaction is subject to customary regulatory approvals and Meadows Bank shareholder consent, officials said in the statement. Once completed, Meadows Bank will be rebranded as “Meadows Financial: a division of America First,” the Las Vegas Sun reported.
The bank has been profitable, making $4.8 million in net income through Q1 2025 and $21.5 million last year, according to FDIC data. America First made $239 million in net income in 2024 and $77 million through the first quarter of this year, according to Call Report data. Net worth is 11.17%.
The acquisition would expand America First’s presence in Nevada and Arizona, where Meadows operates six full-service community banking locations, the Sun said.
America First has 113 locations spanning Arizona, Idaho, Nevada, New Mexico and Utah and 1.5 million members.
The deal would combine Meadows’ commercial banking expertise with America First’s consumer financial services, potentially offering expanded product suites to customers of both institutions. No financial terms of the transaction were disclosed, the Sun said.
The agreement closely mirrors the 2024 deal between $11.8-billion Global Federal Credit Union and $1.5-billion First Financial Northwest Bank. Analysts told CUToday.info they expect the America First transaction to face significant pushback from the banking industry.