Eau Claire, Wis.-based Royal Credit Union on Tuesday said it has completed its acquisition of the Apple Valley, Minn., office of Deerwood Bank.
The $1.9 billion Royal said the acquisition will enhance accessibility to its current Minnesota membership, as well as serve additional members in Minnesota. The office, located at 14295 Cedar Avenue in Apple Valley, was Deerwood Bank's only facility included in the agreement.
Royal CU announced the deal in
The transition from bank to credit union took place over the weekend of Nov. 5-6. On Monday, Nov. 7, Deerwood Bank, Apple Valley customers became members of Royal Credit Union. The new members were mailed a personal welcome guide explaining the transition process and outlining the benefits of credit union membership, RCU said.
"Growth provides the fuel that allows Royal to continue to offer all members our strong value proposition, enhanced technology solutions, and impactful give-back," Rudy Pereira, Royal Credit Union's president and CEO, said in a statement. "We welcome our new members and I am confident they will appreciate our lower fees, high deposit rates, lower loan rates and community involvement."
Deerwood bank has been in business since 1910, but only recently acquired the Apple Valley office. The office was added as part of a merger with American Bank of St. Paul in 2015. Deerwood Bank is privately owned and insured by the FDIC.
Deerwood Bank will retain ownership of all of its other 11 bank locations in Minnesota.
Royal CU said it has a "history of successful growth" and noted it recently received regulatory approval for its acquisition of Capital Bank in Saint Paul, Minn. Other recent expansion includes opening a new office in Hudson, Wis., in 2014 and completing a merger with the Sacred Heart Hospital Employees Credit Union in Eau Claire, Wis., also in 2014.
Royal CU serves more than 160,000 members via 25 full service offices. Membership is open to those who live or work in 12 counties in Minnesota or 18 counties in Western Wisconsin. Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Olmsted, Ramsey, Scott, Wabasha, Washington, and Winona. Counties served in Wisconsin include Eau Claire, Chippewa, Barron, Buffalo, Burnett, Clark, Dunn, Jackson, Marathon, Pierce, Pepin, Polk, Rusk, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Realtors in the state of Minnesota or Wisconsin also are eligible to join the credit union.