APPLE VALLEY, Minn.—The $6.5-billion Wings Financial CU announced it intends to buy $70.2-million Brainerd Savings & Loan, based in Brainerd, Minn.
The deal, which requires federal and state approval, is expected to close by May 31, the CU said. Financial terms were not disclosed.
Last February, Wings stated it intended to Neighborhood National Bank, based in Mora, Minnesota. However, the deal did not close.
Frank Weidner, Wings CEO, said the credit union became interested in Brainerd Savings & Loan due to its cabin mortgage business, and the S&L’s location.
"We already have a fair number of members there, certainly some seasonable membership," Weidner told the Minneapolis/St. Paul Business Journal. "[Cabin lending is] something we get a reasonable amount of inquiries on from our members."
Wings is assuming Brainerd's members, liabilities and assets. Wings will have 25 locations in Minnesota once the deal closes, and 30 overall, including a presence in Michigan, Florida, Georgia and Washington state.