EAU CLAIRE, Wisconsin (WEAU) – Royal Credit Union is acquiring Lake Area Bank in Minnesota, the financial institution said Thursday.
Royal Credit Union to acquire approximately $ 500 million in assets with the acquisition of Lake Area Bank, which has offices in five communities in the northeastern metropolitan area of Twin Cities: Forest Lake, Hugo, Lindstrom, Stillwater and White Bear Lake.
Currently, Royal Credit Union has four offices in Minnesota: Apple Valley, Edina, St. Paul and Stillwater.
Royal Credit Union President and CEO Brandon Riechers sees the move as a way to serve new communities in east-central Minnesota.
“Royal is excited about the opportunity to bring our value proposition and our commitment to positively impact the lives we touch in large areas of Minnesota,” said Riechers. “The Lake Area Bank is a family-owned financial institution that has served the community for over 100 years. Royal’s values and relationship driven approach to financial management made this acquisition a good fit for our credit union.
Lake Area Bank was founded in Lindstrom, Minnesota, in 1915.
The deal is expected to close in the first quarter of 2022. For more information on the acquisition, you can check it out on the Royal Credit Union website.
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