America First completes acquisition of Las Vegas-based Meadows Bank
Ogden-based credit union grows to $26.4 billion in assets with Las Vegas bank acquisition
America First Federal Credit Union of Ogden has completed the acquisition of Meadows Bank, a community bank headquartered in Las Vegas.
Meadows Bank operates four branches in Nevada as well a one in Phoenix in addition to its headquarters location. The bank also has loan production offices in Arizona, California, Florida, Texas, Utah and Washington. America First now has 122 locations across Utah, Idaho, Nevada, Arizona and New Mexico.
The combined institution has total assets of approximately $26.4 billion, including $22.8 billion in deposits, and will operate a total of 122 locations. Customers of Meadows Bank are qualified for membership at America First and have access to all America First locations, rates and expanded banking services.
“America First is thrilled to welcome the Meadows family to our organization,” said Thayne Shaffer, president and CEO of America First. “Our credit union serves over 90,000 business members and we are always seeking ways to expand our ability to serve those members, especially in the Nevada and Phoenix markets. With Meadows, we found an opportunity to combine with an organization with compatible values and business practices. Their strong ties to the community, excellent culture and experienced team made them a perfect fit. With the strength of our combined balance sheet, Meadows’ customers will have expanded borrowing options, and our members will have greater access to the commercial services they need to run their businesses.”
“When we formed Meadows Bank, our goal was to create a strong, relationship-driven institution, defined by the values and trust we’ve earned in the communities we serve,” said William Bullard, chairman of Meadows Bank and one of its founders. “This partnership with America First reflects those same principles and delivers enhanced resources and products and services, while positioning our customers, employees and communities to benefit from enhanced capabilities and continued relationship-based banking. We are excited to carry our legacy forward with an organization that shares our culture and long-term vision.”
America First was founded in 1939 and has grown into the sixth-largest credit union in the nation, with 1.5 million members. It is a member-owned, not-for-profit cooperative financial institution.
Meadows Bank was founded in 2008 as a full-service community bank and brought $1.45 billion in assets to America First.
