The Eau Claire-based Royal Credit Union recently announced that it will acquire the Lake Area Bank, which operates offices on the east side of the Twin Cities metropolitan area. RCU said the acquisition – which is expected to be finalized in the first quarter of 2022 – will allow it to serve new members in the region as well as add accessibility to existing members in Minnesota.
The Lake Area Bank was founded in 1915 and has offices in Stillwater, White Bear Lake, Forest Lake, Hugo and Lindstrom. According to a press release, RCU will assume $ 500 million of the bank’s total assets as part of the transaction.
“Royal is thrilled to have the opportunity to bring our value proposition and our commitment to positively impact the lives we touch in large areas of Minnesota,” said Brandon Riechers, President and CEO of Royal Credit Union. “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.
RCU first expanded to Minnesota in 2016 when it acquired Deerwood Bank in Apple Valley and Capital Bank in Saint Paul. It also recently completed a merger with Peoples Choice Credit Union in Medford.
RCU currently has over 230,000 members in 26 counties in Wisconsin and 16 counties in Minnesota.