Magazine article American Banker

Royal CU to Purchase Office from Deerwood Bank

Magazine article American Banker

Royal CU to Purchase Office from Deerwood Bank

Article excerpt

Byline: Michael Bartlett

EAU CLAIRE, Wis. -- Royal Credit Union on Friday said it has entered into a definitive agreement to acquire the Apple Valley, Minn., office of Deerwood Bank.

The $1.7 billion Royal said the acquisition will enhance accessibility to its current Minnesota membership, as well as serve as a platform to attract new members in the North Star State. 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 said it 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," Rudy Pereira, Royal CU's president and CEO, said in a statement. "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 had only recently acquired its Apple Valley office. The office was added as part of a merger with American Bank of St. …

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