September 22, 2021
Eau Claire, WI - Royal Credit Union (Royal) announced today that it has entered into a definitive agreement to acquire the Inver Grove Heights, Minnesota 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 the Metro area. The office, located at 7055 Cahill Avenue in Inver Grove Heights, is Deerwood Bank’s only facility included in the agreement.
Under the terms of the agreement, Royal will assume approximately $15M in deposits and purchase assets of the Inver Grove Heights office. Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur in early 2022. Royal and Deerwood worked together in 2016 on Royal’s successful purchase of Deerwood’s Apple Valley, Minnesota office.
Royal is committed to a smooth transition for Deerwood’s Inver Grove Heights customers. Deerwood Bank will retain ownership of its other 12 bank locations in Minnesota.
About Royal Credit Union
Royal Credit Union is a federally insured credit union proudly serving over 230,000 Members in Minnesota and Wisconsin. Royal is driven by a core ideology built on a 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 26 counties in western Wisconsin or 16 counties in Minnesota. Counties served in Wisconsin include Adams, Ashland, Bayfield, Barron, Buffalo, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Polk, Portage, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona and Wright. Realtors in the state of Wisconsin or Minnesota are also eligible to join the credit union. Visit rcu.org or call Royal Credit Union at 800-341-9911 for more information.