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This page provides a historical news archive for RBAZ Bancorp, Inc. (RBAZ), the former single-bank holding company for Republic Bank of Arizona. The company’s releases trace its evolution from a locally focused community banking organization in Arizona to the completion of an asset sale and entry into a dissolution process.
Earlier news items center on RBAZ’s role as parent company of Republic Bank of Arizona, a locally owned, full service community bank in Phoenix, Scottsdale and Gilbert, Arizona. These releases discuss topics such as quarterly and annual unaudited financial results, loan and deposit growth, net interest margin, non-interest expense trends and capital levels under the Community Bank Leverage Ratio framework. Management commentary in these reports provides context on how the bank approached core deposit generation, loan production and asset quality in its markets.
Later news coverage shifts toward corporate transformation. In May 2024, RBAZ announced a definitive agreement under which Pima Federal Credit Union would purchase substantially all of the assets and assume substantially all of the liabilities of Republic Bank of Arizona. Subsequent releases report shareholder approval of the transaction, receipt of regulatory approvals, and the closing of the asset sale effective May 2, 2025. RBAZ then disclosed that its common stock would no longer trade or be quoted on the OTC Pink Market and that it would close its stock transfer records.
Recent announcements describe the Board of Directors implementing a plan of dissolution for the winding up and liquidation of RBAZ, including information about cash distributions to shareholders and the role of Computershare Trust Company, N.A. as paying agent. Together, these news items document the full arc of RBAZ’s history, from community bank holding company to the transfer of its banking operations and the subsequent dissolution process.
RBAZ Bancorp has announced the completion of its asset sale to Pima Federal Credit Union effective May 2, 2025. The company has delisted from the OTC Pink Market and initiated a dissolution plan. As part of this process, RBAZ's Board has authorized a cash distribution of $22.00 per share to shareholders, expected to be processed within 30-45 days.
The distribution process varies based on how shares are held: street name holders and book-entry shareholders will receive automatic payments, while certificated shareholders must surrender their certificates and complete transmittal documents. While a second distribution is possible upon completion of the dissolution, its occurrence and amount remain uncertain, subject to remaining funds after settling all debts, taxes, and obligations.
RBAZ Bancorp reported strong financial results for Q1 2025, with consolidated net income reaching $1,064,000 ($0.59 per share), marking a 49% increase from $713,000 ($0.40 per share) in Q1 2024. The bank maintained a robust net interest margin of 4.61%, showing a 15% improvement while expenses decreased by 1%.
Key metrics include total loans of $223,962,000 (up 0.6% from Q4 2024), total deposits of $240,864,000 (down 3.7%), and total interest income of $4,485,000 (up 6.6% year-over-year). The cost of deposits remained stable at 2.13%.
Notably, RBAZ announced its upcoming merger with Pima Federal Credit Union, scheduled for May 2, 2025, after which RBAZ's common stock will cease trading on the OTC Pink Market. The bank maintains its 'Well Capitalized' status with a CBLR ratio of 11.62%.
RBAZ Bancorp (OTCPK: RBAZ) has received all necessary regulatory approvals to complete the sale of substantially all assets and liabilities of Republic Bank of Arizona to Pima Federal Credit Union. The Asset Sale, originally announced on May 16, 2024, is expected to close on May 2, 2025.
Following the closure, RBAZ will initiate the voluntary dissolution of Republic Bank and RBAZ, distributing net assets and cash proceeds to shareholders through multiple distributions. The first distribution is planned shortly after the Asset Sale closing, with the final distribution occurring during RBAZ's dissolution.
After the Asset Sale closes, RBAZ will delist from the OTC Pink Market and close its stock transfer records. Shareholders will need to surrender their stock certificates and submit transmittal documents to receive distributions through Computershare Trust Company.
RBAZ Bancorp reported record earnings for Q4 and full-year 2024. The company achieved a consolidated net income of $793,000 ($0.44 per share) for Q4 2024 and $3,379,000 ($1.90 per share) for the full year, representing a 37% year-over-year increase. The Q4 results showed a 15% increase compared to Q4 2023.
Key financial highlights include: total loans increased by 10.4% to $222,731,000; total deposits grew by 9.7% to $250,201,000, with 74.1% in non-interest-bearing funds; and total interest income rose by 21% to $4,615,000 in Q4 2024. The cost of deposits decreased to 2.13% in Q4, down from a peak of 2.36% in Q1 2024.
The company is proceeding with its planned merger with Pima Federal Credit Union, with shareholders' approval obtained in August 2024 and regulatory applications accepted in January 2025. The merger is expected to close in Q2 2025.
RBAZ Bancorp reported strong Q3 2024 financial results with consolidated net income of $981,000 ($0.55 per share), up from $748,000 ($0.41 per share) in Q3 2023. The company achieved a 22% increase in net interest margin and a 26% rise in non-interest income year-over-year. Total loans reached $216,451,000, a 7.2% increase from December 2023, while total deposits grew 13.9% to $259,902,000. Interest income rose 17.5% to $4,653,000. The company maintains a strong capital position with a 10.67% Community Bank Leverage Ratio. Shareholders approved a merger with Pima Federal Credit Union, pending regulatory approval.
RBAZ Bancorp, Inc. (OTCIQ: RBAZ) reported strong Q2 2024 financial results, with consolidated net income of $893,000 ($0.50 per share) for the quarter and $1,607,000 ($0.90 per share) for the six months ended June 30, 2024. This represents a 60% increase in Q2 earnings compared to the previous year. The company's performance was driven by increased net interest income and positive loan growth. Total loans reached $203,177,000, up 0.7% from December 31, 2023, while total deposits grew by 10.8% to $252,827,000. RBAZ also announced a definitive agreement to merge with Pima Federal Credit Union, expected to close in Q4 2024 pending shareholder and regulatory approvals.
Pima Federal Credit Union and RBAZ Bancorp announced an all-cash acquisition agreement for Republic Bank of Arizona. Following the transaction, RBAZ shareholders are estimated to receive around $22.00 per fully diluted share. Pima will acquire nearly all assets and assume most liabilities of Republic Bank, expanding its branch network to twelve locations with over $1.5 billion in assets. The acquisition, pending regulatory approvals and RBAZ shareholder consent, is expected to finalize in the second half of 2024. Post-acquisition, Republic Bank will dissolve, and its accounts will be serviced by Pima.
Both companies highlight shared values and strategic growth as key drivers of this deal. Brian Ruisinger, RBAZ's CEO, will continue to lead the Phoenix market for Pima. The agreement has been approved by the Boards of both entities.
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