ST. PAUL, Minn.–Royal Credit Union is reporting it has completed its acquisition of Capital Bank here and that all of the bank’s customers are now RCU members.
Royal assumed approximately $35 million total assets in the transaction.
The credit union said the acquisition offered it the opportunity to enhance office accessibility to its current Minnesota membership, as well as serve additional members in the state. All of the new members have been mailed a personal welcome guide explaining the transition process and outlining the benefits of credit union membership.
“The acquisition allows Royal to offer more convenient access to our values-driven company in the Minneapolis-Saint Paul metropolitan area,” said Rudy Pereira, Royal Credit Union president/chief executive officer. “We welcome our new members and I am confident they will appreciate our commitment to provide exceptional financial value, great service and community giveback.”
Royal recently announced another planned acquisition in the Minneapolis-Saint Paul metropolitan area. Under the terms of the agreement, Royal will assume deposits and purchase assets of the Deerwood Bank office located in Apple Valley. Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur later this year.