RBAZ Bancorp, Inc. Moves Forward with Major Asset Sale

Author: Ryan Hughes Updated: 03-17-2025 04:32 PM

RBAZ Bancorp, Inc. Initiates Closing Process for Asset Sale

PHOENIX — RBAZ Bancorp, Inc. (OTCPK: RBAZ), the parent company of Republic Bank of Arizona, is taking significant steps towards closing an asset sale to Pima Federal Credit Union. With all essential regulatory approvals secured for this transaction, RBAZ is poised to transition its assets under the previously established Purchase and Assumption Agreement. This agreement has been in discussion since May 2024, marking an important milestone in the operational strategy of RBAZ.

Successful Approval for the Asset Sale

Chairman Alan Sparks expressed enthusiasm about receiving the necessary approvals: "The completion of this step allows us to move confidently towards closing on our intended asset sale. This moment marks a turning point in bringing together two companies with strong visions for customer service and product expansion, particularly in the bustling metro Phoenix area."

Implications for RBAZ Shareholders

Once the asset sale is finalized, RBAZ will initiate a voluntary dissolution process for both its holding company and Republic Bank. This transition will lead to distributions made to shareholders, which is anticipated to occur in multiple phases following the asset sale's completion. The first distribution is set to happen promptly after the asset sale is concluded, with subsequent distributions aligned to the final dissolution requirements.

Changes Following the Asset Sale

After the deal closes, RBAZ plans to halt trading of its common stock on the OTC Pink Market. Shareholders will receive detailed instructions from RBAZ’s transfer agent to ensure a smooth transition as they surrender stock certificates for distribution. This process signifies a shift in RBAZ's operational focus as it evolves into a new phase.

Overview of RBAZ Bancorp, Inc.

Founded as a holding company for Republic Bank of Arizona on June 10, 2021, RBAZ Bancorp plays a vital role in the financial landscape of Arizona. The company, listed as RBAZ, is committed to serving its customers through innovative banking solutions.

About Republic Bank of Arizona

Republic Bank of Arizona operates as a community-focused bank in key areas, providing personal and business banking services. With a strong presence in Phoenix, Scottsdale, and Gilbert, its offerings extend to online banking, loans, and deposits, connecting with clients in meaningful ways since its establishment in April 2007.

Frequently Asked Questions

What is the significance of the asset sale for RBAZ Bancorp?

The asset sale signifies a strategic partnership with Pima Federal Credit Union, enhancing product offerings and future growth potential.

What will happen to Republic Bank of Arizona after the sale?

Post-sale, RBAZ will dissolve both Republic Bank and itself, distributing any remaining assets to shareholders.

How will shareholders be notified about their distributions?

Shareholders will receive instructions from RBAZ’s transfer agent on how to proceed with the surrender of stock certificates for asset distribution.

When is the expected date for the asset sale to close?

The asset sale is anticipated to close on May 2, 2025, pending completion of customary closing conditions.

Is RBAZ planning to continue operations after the sale?

No, RBAZ plans to cease trading operations and focus on ensuring shareholder distributions post-transaction.

About The Author

Hello, my name is Ryan Hughes. I am a financial, economics, and stock market specialist committed to assisting people in negotiating the intricacies of the financial system. Having a great deal of experience and a thorough grasp of market dynamics and economic trends, my area of expertise is converting complex financial ideas into understandable, practical knowledge. By use of my articles and blog entries, I hope to give you the information and assurance you need to make wise financial choices.

I've had the honor of interacting with a wide range of readers as a writer for several financial blogs, from new investors to seasoned market participants. To enable you to reach your financial goals, I want to make finance, economics, and stock market trends understandable and approachable. I appreciate you traveling with me toward success and financial literacy.

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