RCU Grows With Purchase of Minnesota Bank
credit union will extend reach in Twin Cities metro area
Tom Giffey, photos by Joel Pearish |
Eau Claire-based Royal Credit Union announced recently that it will be acquiring Lake Area Bank, which operates offices on the eastern side of the Twin Cities metro area. RCU said the acquisition – which is expected to close in the first quarter of 2022 – will allow it to serve new members in the region as well as to add accessibility to existing members in Minnesota.
Lake Area Bank was founded in 1915 and has offices in Stillwater, White Bear Lake, Forest Lake, Hugo, and Lindstrom. According to a media release, RCU will assume $500 million in total assets from the bank in the transaction.
“Royal is excited for the opportunity to bring our value proposition and commitment to making a positive impact in the lives we touch to expanded areas in Minnesota,” said Brandon Riechers, Royal Credit Union’s president and CEO. “Lake Area Bank is a family-owned financial institution that has served the community for over 100 years. Royal’s values-driven and relationship-based approach to financial management made this acquisition a good fit for our credit union.”
RCU first expanded into Minnesota in 2016 when it acquired Deerwood Bank in Apple Valley and Capital Bank in Saint Paul. It also recently completed a merger with Peoples Choice Credit Union in Medford.
RCU currently has more than 230,000 members in 26 counties in Wisconsin and 16 counties in Minnesota.
