Tuesday, July 5, 2016

Royal Credit Union to Acquire Deerwood Bank's Apple Valley Branch

Royal Credit Union (Eau Claire, WI) announced that it has entered into a definitive agreement to acquire the Apple Valley, MN office of Deerwood Bank.

Under the terms of the agreement, Royal Credit Union will assume deposits and purchase assets of the Apple Valley branch located at 14925 Cedar Avenue.

According to Federal Deposit Insurance Corporation's Summary of Deposit data, the branch reported almost $42 million in deposits as of June 30, 2015.

Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur in the second half of 2016.

Royal Credit Union earlier this year entered into an agreement to acquire Capital Bank (Saint Paul, MN).

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

Read the press release.

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