Royal Credit Union to purchase Minnesota facility
Tuesday, July 5, 2016
New Richmond News (July 5, 2016) - Royal Credit Union (Royal) announced today that it has entered into a definitive agreement to acquire the Apple Valley, Minn., office of Deerwood Bank. The acquisition will offer Royal the opportunity to enhance office accessibility to its current Minnesota Membership, as well as serve additional Members in Minnesota. The office, located at 14295 Cedar Avenue in Apple Valley, is Deerwood Bank’s only facility included in the agreement.
Under the terms of the agreement, Royal will assume deposits and purchase assets of the Apple Valley branch. Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur in the second half of 2016. Royal is committed to a smooth transition for the bank’s customers.
“We are pleased to announce the planned acquisition of Deerwood Bank’s Apple Valley office. We are excited to be expanding our office network to serve new and existing Members in the Minneapolis-Saint Paul metropolitan area,” said Rudy Pereira, Royal Credit Union president/chief executive officer. “Deerwood Bank takes pride in its commitment to community and that made the acquisition a good fit for our credit union. Royal is a values based company that puts its Members first and supports the communities it serves.”
Deerwood bank has been in business since 1910, but just recently acquired its 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.
“Royal Credit Union shares our commitment to excellent customer service and community-minded banking. Our customers in the South Metro Markets will be taken care of”, said John Ohlin CEO of Deerwood Bank. “Going forward, this transaction will further enable Deerwood Bank to focus on the St. Paul and Greater East Metro Markets with which we have a long and rich history.”
Deerwood Bank will retain ownership of all of its other 11 bank locations in Minnesota.
Royal has a history of successful growth and is currently going through the regulatory approval process on the planned acquisition of Capital Bank located at 1020 Rice Street in Saint Paul, MN. Other recent expansion includes opening a new office in Hudson, WI in 2014 and completing a merger with the Sacred Heart Hospital Employees Credit Union in Eau Claire, WI also in 2014.
Royal Credit Union is a federally insured credit union serving over 160,000 Members with 24 full service offices. Royal is driven by a core ideology which is built on strong purpose and values. You can open an account or apply for a low-rate loan at Royal Credit Union if you live or work in 12 counties in Minnesota or 18 counties in Western Wisconsin, including New Richmond.