Arizona Federal Credit Union has entered into a agreement to acquire Horizon Bancorp, Inc. (Lake Havasu City, AZ) (OTCPK:HRRB) for $91.4 million on March 9, 2022. The consideration is subject to certain adjustments. Following the purchase and assumption transaction, Horizon Bancorp and Horizon Community Bank intend to wind down and dissolve. Arizona Federal Credit Union will keep and operate each of Horizon Community Bank's existing branches. The transaction is subject to regulatory and Horizon's shareholder approval and has been approved by the Boards of Directors of Horizon and has been unanimously approved by the Board of Arizona Federal. As of August 31, 2022, all necessary regulatory approvals have been obtained to complete the transaction. The transaction is expected to be completed by the end of 2022. As of August 31, 2022, the transaction is expected to close on September 30, 2022. Honigman LLP acted as legal advisor and Investment Management Arm of McQueen Financial Advisors acted as financial advisor to Arizona Federal Credit Union. Jeremy S. Lemmon of Fenimore, Kay, Harrison & Ford, LLP acted as legal advisor and Hovde Group, LLC, acted as financial advisor to Horizon.

Arizona Financial Credit Union completed the acquisition of Horizon Bancorp, Inc. (Lake Havasu City, AZ) on September 30, 2022. The combined organization will operate under the Arizona Financial banner.