Friday, June 11, 2010

Royal CU's Purchase of Deposits and Assets from Anchor Bank Receives Regulatory Approval

The National Credit Union Administration (NCUA) announced today that it has approved the Purchase and Assumption of certain assets, including eleven branch offices in Wisconsin, and deposits by Royal Credit Union from Anchor Bank. The Wisconsin Office of Credit Unions, Federal Deposit Insurance Corporation, and Office of Thrift Supervision have all approved the transaction. This transaction will result in approximately 20,000 Anchor Bank customers becoming members of Royal Credit Union.
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  1. AnonymousSeptember 1, 2010 at 10:11 AM

    Beware of RCU's practices. My wife and I are attempting to refiinance a higher interest mortgage presently at Anchor Bank with RCU. The amount to refinance is roughly 40% of the appraised value of our 2nd home in Wisconsin on a 15 year note. Our primary home is in Minnesota, which we own free and clear with no mortgage. RCU is putting us through an unbelievable amount of red tape constantly asking for more and more information. We have excellent credit scores in the 800's and good jobs. When we locked the rate, we were forced to agree to a $3900 cancellation fee if we canceled. Now RCU underwriters are asking about our Minnesota property and trying to tie this to the transaction somehow. We believe we are being unfairly treated because we hade 2 homes and now they threaten to charge us the $3900 cancellation fee if we don't agree and comply with everything they want. We don't know what to do at this point, we would like to just walk away from this mess that RCU has caused us.

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