ST. PAUL, Minn. In an unusual transaction, Affinity Plus FCU said this morning it has agreed to acquire the local branch and 4,300 member accounts of Illinois-based Oak Trust CU.
Oak Trust has two branches, one in Illinois and the other in the Twin Cities suburb of Eagan, Minn., and its Minnesota members fit into Affinity Plus’s broad field of membership.
“The purchase of our Minnesota branch by Affinity Plus will benefit Oak Trust members tremendously,” said Jim Dean, president of the $67 million, 8,700-member credit union. “We want to give our members personalized service and more locations, and we are confident Affinity Plus will provide this opportunity for them. They have a strong mission, and we believe it is a natural fit for our members.”
Oak Trust members will continue to use the Illinois credit union’s products and services until Affinity Plus has received approval from both the regulators and Oak Trust members to assume their memberships and account information.
Affinity Plus members will not be able to access their accounts or process transactions at the Oak Trust Eagan branch until the transaction has closed, expected around June 30.
Financial terms of the deal were not disclosed.
