America First Federal Credit Union and Meadows Bank Consummate Transaction

Highlights:

• Expands presence in Clark County, Nevada
• Combines two strong community financial institutions, with continued focus on serving customers and communities
• Aligns with the America First Federal Credit Union ("America First") strategic objectives and brings strong infrastructure, culture and expanded business lines, including wealth management, to accelerate organic growth
• America First retains all Meadows Bank employees

OGDEN, Utah, July 10, 2026 /PRNewswire/ -- On May 31, 2026, America First and Meadows Bank consummated a transaction whereby America First purchased substantially all of the assets and assumed substantially all of the liabilities, including all of the deposits, of Meadows Bank (the "Transaction"). The combined institution has total assets of approximately $26.4 billion, $22.8 billion of deposits and will operate a total of 122 locations. Customers of Meadows Bank are qualified for membership at America First and have access to all America First locations, competitive rates and expanded banking services.

"America First is thrilled to welcome the Meadows family to our organization," said Thayne Shaffer, President and Chief Executive Officer of America First. "Our credit union serves over 90,000 business members, and we are always seeking ways to expand our ability to serve those members, especially in the Nevada and Phoenix markets. With Meadows, we found an opportunity to combine with an organization with compatible values and business practices. Their strong ties to the community, excellent culture and experienced team made them a perfect fit. With the strength of our combined balance sheet, Meadows' customers will have expanded borrowing options, and our members will have greater access to the commercial services they need to run their businesses."

"When we formed Meadows Bank, our goal was to create a strong, relationship-driven institution, defined by the values and trust we've earned in the communities we serve," said William Bullard, Chairman of Meadows Bank and one of its original founders. "This partnership with America First reflects those same principles and delivers enhanced resources and products and services, while positioning our customers, employees and communities to benefit from enhanced capabilities and continued relationship-based banking. We are excited to carry our legacy forward with an organization that shares our culture and long-term vision."

Hovde Group served as financial advisor to America First, and Honigman LLP served as America First's legal advisor. Janey Montgomery Scott LLC rendered a fairness opinion to Meadows Bank's board of directors. Hunton Andrews Kurth LLP served as Meadows Bank's legal advisor.

About America First

America First was founded in 1939 and has grown into one of the strongest and most progressive credit unions in the country. It is the sixth largest credit union in the nation and operates 122 locations across Nevada, Utah, Arizona, California, Idaho, and New Mexico, serving 1.5 million members. America First is a member-owned, not-for-profit cooperative financial institution dedicated to building communities and helping its members achieve their financial goals.

About Meadows Bank

Meadows Bank was founded in 2008 as a full-service community bank. It grew to $1.45 billion in assets with six locations across Nevada and Arizona.

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SOURCE Meadows Bank