APPLE VALLEY, Minn.–Royal Credit Union announced that its acquisition of an office of Deerwood Bank here has been completed.
The transition took place Nov. 5-6, and beginning Nov. 7, customers of the Deerwood bank office became members of Royal Credit Union.
“This acquisition offered Royal the opportunity to enhance office accessibility to its current Minnesota membership, as well as serve additional members in Minnesota,” the $1.8-billion credit union stated in a release.
The new members were mailed a personal welcome guide explaining the transition process and outlining the benefits of credit union membership, the Eau Claire, Wis.-based CU stated.
“Growth provides the fuel that allows Royal to continue to offer all members our strong value proposition, enhanced technology solutions, and impactful giveback,” said Rudy Pereira, Royal Credit Union president and CEO. “We welcome our new members and I am confident they will appreciate our lower fees, high deposit rates, lower loan rates and community involvement.”
Royal this year also acquired Capital Bank in Saint Paul, Minn.
Michael Bell, attorney and counselor with Royal-Oak, Mich.-based Howard & Howard, said that bank branch purchases extend CUs’ merger options. Bell sourced the Deerwood buy for Royal. He has also has been part of 12 CU/whole bank deals, including one merger of a bank into a credit union.