Eau Claire, Wis.-based Royal Credit Union on Monday said its acquisition of a Capital Bank location in Saint Paul, Minn., is complete.
The transition took place over the weekend of Aug. 27-28. On Monday, Capital Bank customers became members of the $1.8 billion CU. Royal assumed approximately $35 million total assets in the transaction.
Capital Bank's ownership will retain its control of its other 14 locations in rural areas of Minnesota, Iowa and North Dakota. The Saint Paul urban location was the only branch affected by this sale.
Royal said the acquisition will give it the opportunity to enhance office accessibility to its current Minnesota membership, as well as serve additional members in the state.
The office is located at 1020 Rice Street in Saint Paul, and has a drive-up ATM available 24 hours a day. New members were mailed a personal welcome guide explaining the transition process and outlining the benefits of credit union membership.
"The acquisition allows Royal to offer more convenient access to our values-driven company in the Minneapolis-Saint Paul metropolitan area," 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 commitment to provide exceptional financial value, great service and community giveback."
Royal recently announced another planned acquisition in the Minneapolis-Saint Paul metropolitan area. Under the terms of the agreement, Royal will assume deposits and purchase assets of the Deerwood Bank office located in Apple Valley. Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur later this year.
Royal said it has a history of successful growth. Other recent expansions include opening a new office in Hudson, Wis., and completing a merger with Sacred Heart Hospital Employees Credit Union in Eau Claire, Wis., both in 2014.
Royal Credit Union serves more than 160,000 members via 24 full-service offices. Membership is available to those who live or work in 18 counties in western Wisconsin or 12 counties in Minnesota. Counties served in Wisconsin are: Eau Claire, Chippewa, Barron, Buffalo, Burnett, Clark, Dunn, Jackson, Marathon, Pierce, Pepin, Polk, Rusk, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Counties served in Minnesota are: Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Olmsted, Ramsey, Scott, Wabasha, Washington and Winona. Realtors in the state of Wisconsin or Minnesota also are eligible to join the credit union.
