In a significant development in the ongoing convergence of credit unions and traditional banks, America First Federal Credit Union of Riverdale, Utah, announced that it has entered into an agreement to acquire nearly all of the assets and liabilities of $1.4 billion-asset Meadows Bank in Las Vegas.

While the purchase price was not disclosed, the transaction marks one of the largest credit union acquisitions of a bank in U.S. history, approaching previous milestones such as Global Federal Credit Union’s 2024 purchase of First Financial Northwest Bank. That deal involved a $13 billion-asset credit union acquiring a $1.5 billion-asset bank. America First, by contrast, is a $23 billion-asset institution — the sixth largest credit union in the country — acquiring Meadows, a full-service community bank with six locations in Nevada and Arizona.

Upon completion of the deal, which remains subject to regulatory approvals and a shareholder vote by Meadows Bank investors, the acquired institution will operate under the name Meadows Financial: a division of America First™.

“The integration of our two organizations will further strengthen America First’s ability to provide its members with comprehensive business solutions and provide Meadows’ customers with access to a full suite of consumer products and services. It is an important milestone in meeting the financial needs of this dynamic region,” the companies said.

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Founded in 2008, Meadows Bank has positioned itself as a relationship-driven lender with a strong focus on local decision-making and a robust portfolio of lending and deposit services. It is also a designated National SBA Preferred Lender, a distinction that underscores its focus on small business financing.

America First, a not-for-profit, member-owned financial cooperative founded in 1939, currently operates 113 locations across six Western states and serves 1.5 million members. The integration of Meadows’ commercial banking capabilities and client base is expected to further enhance the credit union’s business services arm.

Continued Momentum in CU-Bank Deals

This acquisition is part of a broader trend that has seen credit unions increasingly pursue bank purchases, an evolution that has stirred both opportunity and concern across the financial services industry. So far in 2025, 12 such deals have been announced. While that figure lags behind 2024’s record pace of 22, the activity reflects a structural shift as credit unions seek scale, market expansion, and diversification of services.

In a recent example, Land of Lincoln Credit Union in Illinois revealed plans to acquire the $97 million-asset Williamsville State Bank and Trust. Meanwhile, some high-profile deals have unraveled — including the 2022 termination of $14 billion-asset VyStar Credit Union’s proposed purchase of Heritage Southeast Bancorporation, Inc.

As for America First’s latest move, the scale and geographic reach of the transaction are likely to draw significant regulatory scrutiny. The deal is expected to close following regulatory and shareholder approvals, though no timeline has been provided.

It is believed to be the first deal involving a Nevada-based bank selling to a credit union.

Those on the community bank side of the table continue to rail against these deals.

“Billion-dollar credit unions are responsible for more than 80% of community bank acquisitions, with nearly two-thirds of acquisitions involving a bank with a positive net operating income in the preceding five years.”

 – Rebeca Romero Rainey
President & CEO
Independent Community Bankers of America