APPLE VALLEY, Minn.— The $5.6-billion Wings Financial CU intends to acquire $216-million Neighborhood National Bank, the CU announced.
Wings intends to purchase all six branches of the Mora, Minn.-headquartered bank, which made $2.6 million in 2018 and $2.2 million through September of last year.
The transaction, which requires approval by state and federal regulators, is expected to close during the third quarter, the CU stated.
“Neighborhood National Bank has more than 56 years of service to central Minnesota, and during that time it has developed a well-earned reputation for taking care of its customers, taking care of its employees and for being a welcome member of its communities,” said Frank Weidner, Wings Financial CU president and CEO, in a statement. “We’re eager to welcome our new members; they will benefit from our services, our great rates and low fees. And, upon closure of the transaction, the Wings members living in these areas will gain additional convenience through these new branch locations.”
Branch Network Expands
The acquisition will bring Wings Financial’s total branch presence in Minnesota to 30 locations.
“We have been exploring opportunities for expanding our services in central Minnesota, and this transaction was a great fit for both Neighborhood National Bank and Wings,” said Weidner.
“It’s been a great pleasure to serve our customers through the years,” said Doyle Jelsing, Neighborhood National Bank president and CEO. “We’re proud to have been their financial partner and to count them as part of our corporate family. It was vitally important to us that we find a buyer for the bank who would provide a comparable level of service and the full range of financial products our customers need. We found what we were looking for in Wings.”