APPLE VALLEY, Minn.—The $4.5-billion Wings Financial CU has agreed to purchase three branches from KleinBank, headquartered in Chaska, Minn.
As part of the deal, the credit union will buy branches in the Minnesota communities of Coon Rapids, Otsego and Plymouth. In addition, 4,500 customers of KleinBank will become members of the credit union.
Roughly $40 million in deposits and $10 million in loans will be transferred to Wings Financial, according to Wings Financial, which has not released the cost of the acquisition. The deal is expected to close in the second quarter.
“These new locations are conveniently located for thousands of our members,” said Frank Weidner, Wings Financial president and CEO, in a statement on Wings Financial’s website. “Whether they live, work, shop or relax in Coon Rapids, Otsego, or Plymouth, our members can visit our newest branches later this year to access our full range of financial services, to meet with our financial advisors and more. We’re very excited by the opportunity to expand into these vibrant communities and provide additional convenience for our members.”
The $1.8-billion KleinBank will continue to operate 18 branches.