Wings Financial Credit Union to Acquire Neighborhood National Bank
Friday, February 7, 2020
Wings Financial Credit Union - APPLE VALLEY, Minn. (Feb. 7, 2020) — Wings Financial Credit Union and Neighborhood National Bank announced today that the two organizations have reached an agreement for Wings to acquire the bank, including six branch locations. The locations include branches in Mora (2), North Branch, Aitkin, Brainerd and Alexandria, Minnesota.
The transaction, which requires approval by state and federal regulators, is expected to close during the third quarter. When the transaction is complete, the locations will be re-branded as Wings Financial branches, and the locations’ customers will be enrolled as credit union members.
“It’s been a great pleasure to serve our customers through the years,” said Doyle Jelsing, Neighborhood National Bank president and CEO. “We’re proud to have been their financial partner and to count them as part of our corporate family. It was vitally important to us that we find a buyer for the bank who would provide a comparable level of service and the full range of financial products our customers need. We found what we were looking for in Wings.”
“Neighborhood National Bank has more than 56 years of service to central Minnesota, and during that time it has developed a well-earned reputation for taking care of its customers, taking care of its employees and for being a welcome member of its communities,” said Frank Weidner, Wings Financial CU president and CEO. “We’re eager to welcome our new members; they will benefit from our services, our great rates and low fees. And, upon closure of the transaction, the Wings members living in these areas will gain additional convenience through these new branch locations.”
The acquisition will bring Wings Financial’s total branch presence in Minnesota to 30 locations. “We have been exploring opportunities for expanding our services in central Minnesota, and this transaction was a great fit for both Neighborhood National Bank and Wings,” said Weidner.
Piper Sandler & Co. acted as financial advisor and Foley & Mansfield PLLP served as legal counsel to Wings Financial Credit Union. CliftonLarsonAllen LLP acted as financial advisor and Ballard Spahr LLP served as legal counsel to Neighborhood National Bank.
Wings Financial Credit Union is Minnesota's largest credit union and one of the top credit unions nationally, with over $5.6 billion in assets and over 280,000 members. In 2019, Wings was named one of the top ten credit unions nationally by Gobankingrates.com and a Star Tribune top workplace for the seventh consecutive year. Wings members enjoy some of the area's best savings and lending rates, convenient mobile and online access, over 80,000 surcharge-free ATMs and 24 branch locations throughout the state of Minnesota, plus offices in Atlanta, Detroit, Orlando and Seattle. Founded in 1938, Wings’ membership has grown to include anyone who lives or works in 24 Minnesota counties including the Minneapolis–St. Paul metro area, the metropolitan areas of Detroit, Seattle and Orlando and the aviation industry nationwide. To learn more, visit wingsfinancial.com.
About Neighborhood National Bank
Neighborhood National Bank was founded in 1963 and has always strived to be a force for good in the communities it serves. Today, with six branches, more than 50 employees and assets of more than $216 million, Neighborhood National Bank and its employees are a valued financial partner to individuals and businesses throughout central Minnesota.