Alaska USA FCU agreed to acquire seven branches of TCF National Bank located in the greater Phoenix market, along with deposits and certain related assets.
Financial terms of the agreement were not disclosed. The deal is expected to close in the second quarter.
As part of the deal, Alaska USA will extend employment offers to all TCF National Bank team members who work at the seven branches.
The TCF National Bank branches add to the eight branches currently operated by Alaska USA in the Phoenix market, which will total 15 branches following deal completion.
The credit union has more than $8.3 billion in assets, according to a news release. TCF Financial Corp., the parent of TCF National Bank, has $46 billion in total assets.
Piper Sandler is the financial adviser, and Dorsey & Whitney LLP is legal counsel to Alaska USA. D.A. Davidson Companies is financial adviser, and Vantage Law Group PLLC is special real estate legal counsel to TCF National Bank.