Anchor Bancorp in Madison, Wis., has agreed to sell one of its branches to Royal Bank in Elroy, Wis.
A purchase price was not announced. Under the agreement, the $325 million-asset Royal would assume control of Anchor's branch in Viroqua, Wis., along with $12 million in deposits and an undisclosed amount in loans.
The deal is expected to close by the end of May.
"We are continually evaluating our branch network to ensure AnchorBank's continued success," Chris Bauer, the $2.1 billion-asset Anchor's chief executive, said in a press release Wednesday.
Edelman & Co. served as Anchor's financial adviser.