Minnesota CU Buying Bank Branch and Deposits

The Duluth News Times is reporting that North Shore Bank of Commerce has entered into a deal to sell its Cloquet branch office to the Northwoods Credit Union.

The sale includes the bank’s building and the branch’s customers who have checking, savings, certificates of deposit and safety deposit boxes. The branch customers will be automatically transferred to the credit union unless they notify the bank before the transaction's closing date, expected to be July 20.

According to the June 2011 FDIC Summary of Deposit data, the branch had $6.8 million in deposits.

Earlier this year, Pacific Crest Federal Credit Union of Klamath Falls, Oregon announced it had executed an agreement with PremierWest Bank of Medford, Oregon to acquire two PremierWest Bank branches located in Dorris and Tulelake, California.

In 2010, Royal Credit Union (WI) acquired the 11 branches and $177 million in deposits from Anchor Bank (WI).

The sale is awaiting final approval by the Federal Deposit Insurance Corporation and National Credit Union Administration.

Read the article.