EAU CLAIRE, Wis. – Royal Credit Union (Royal) said its partial acquisition of Lake Area Bank in Minnesota is complete. The acquisition includes retail offices in Hugo, Stillwater and White Bear Lake, as well as Lake Area Mortgage in Arden Hills, Minn.
Member accounts were converted August 27-28 and the offices opened as Royal Credit Union on August 29.
The $4.2-billion Royal CU announced the acquisition in August of 2021. It has not disclosed the price paid for the branches or mortgage operation.
“The acquisition offered Royal the opportunity to bring our values and community involvement to an area of Minnesota that is a logical connection between our current Metro area offices and our St. Croix Valley offices,” said Brandon Riechers, Royal Credit Union president & CEO, in a statement. “Royal’s investment in these new locations will expand our ability to serve our Members in Minnesota and will strengthen our commitment as a dynamic community partner and trusted financial.”
According to RCU, all new members have been mailed a personal welcome guide explaining the transition process and outlining the benefits of being a Royal Credit Union member.
Grand Opening Celebration
The grand opening celebrations for the offices will begin on Monday, Sept. 19, RCU said, adding that during the weeklong celebration, members and community residents are “invited to visit the offices to enjoy special treats, learn more about the credit union, and enter a drawing for large gift baskets filled with Minnesota themed products and certificates from local small businesses.”
Prior to the acquisition, RCU had approximately 261,000 members.
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