CLOQUET, Minn. – Northwoods CU has agreed to buy a local branch and its deposits from North Shore Bank of Commerce, the latest credit union deal for bank customers.
The branch’s customers who have checking, savings, certificates of deposit and safety deposit boxes will be automatically transferred to the $55-million credit union unless they notify the bank before the sale closing date, expected to be July 20, according to a letter sent to bank customers.
Northwoods CU has branches in Carlton and Cloquet and has been looking to expand with another location in Cloquet. With the credit union’s office near the Sappi Fine Paper mill in Cloquet, the credit union was looking to open a site on the other side of town.
The bank’s Cloquet branch has been open eight years and has almost 800 customers.
The bank’s other branches in Hermantown and Duluth’s downtown, Lakeside and Woodland neighborhoods won’t be affected.
The sale is awaiting approval from NCUA and the FDIC.
