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RCU acquires RiverBank mortgages

RCU and The RiverBank (Osceola) have entered into a definitive agreement for RCU to acquire the servicing rights of The RiverBanks' mortgage loans previously serviced by The RiverBank totaling about $600 million.

The transaction, which will take place Oct. 14, brings about 4,200 additional mortgage loan members to RCU.

"We have now come to a turning point in our business model that we need to make a change," read a RiverBank letter to its customers. "Realizing the importance of the local servicing, we have partnered with Royal Credit Union to transition the servicing."

The transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgages.

"We welcome these 4,200 mortgage customers to RCU," said Charles Grossklaus, CEO of RCU. "Our commitment to staying local is strong and, consistent with our vision to satisfy all of our members' financial needs; we look forward to building relationships with these members so we can be there when they need their next financial product."

The transfer is expected to be completed by Oct. 17.

RCU, Royal Credit Union, is a federally insured credit union serving over 135,000 members with 22 full service offices in Amery, Balsam Lake, Centuria, Chippewa Falls, Colby, Eau Claire, Menomonie, Milltown, New Richmond, Osceola, Rice Lake, River Falls, St. Croix Falls, Somerset, Star Prairie and Whitehall in Wisconsin and three full service offices in Edina, Coon Rapids, and St. Paul in Minnesota.