RCU set to take over AnchorBank facilitiesRoyal Credit Union has received the necessary regulatory approval and will move forward with purchasing 11 AnchorBank offices in the region.
Royal Credit Union has received the necessary regulatory approval and will move forward with purchasing 11 AnchorBank offices in the region.
The local bank facilities involved in the sale include New Richmond, Star Prairie, Somerset, Amery, Balsam Lake, Centuria, Menomonie, Milltown, Osceola, River Falls and St. Croix Falls.
The acquisition will take place June 26 and 27 and these offices will open as RCU facilities on Monday, June 28.
RCU has now received approval from National Credit Union Association, the Wisconsin Department of Financial Institutions: Office of Credit Unions, Federal Deposit Insurance Corporation, and the Office of Thrift and Supervision.
“This is the largest bank branch acquisition that our state and federal regulators have considered. We are very proud to have received regulatory approval,” stated Charles Grossklaus, RCU CEO. “RCU is strong, stable, and well positioned for the purchase of these 11 offices in western Wisconsin. Our organization has a long history of successfully merging and growing financials, and we see great potential in these new locations.”
Under the terms of the agreement, RCU will assume approximately $177 million in deposits, real estate loans and other assets. RCU will purchase nine of the offices and assume the lease on the other two.
Once the acquisition is complete, RCU will have 25 offices, 22 across central and western Wisconsin and three in the Twin Cities metro area, serving more than 140,000 members.
RCU is a federally insured credit union serving more than 120,000 members with 12 full service offices in Chippewa Falls, Colby, Eau Claire, Menomonie, New Richmond, Rice Lake and Whitehall in Wisconsin and three full service offices in Edina, Coon Rapids and St. Paul in Minnesota.