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Welcome To Royal Credit Union, Lake Area Bank Customers!

This page contains information for Lake Area Bank customers who are now Royal Credit Union Members

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Impacted Lake Area Bank customers became Royal Members on Monday, August 29, 2022! Thank you to former Lake Area Bank customers for your patience during our conversion process!

Details About Royal's Partial Acquisition Of Lake Area Bank

Royal completed our acquisition of Lake Area Bank's Hugo, Stillwater, and White Bear Lake offices, the Lake Area Mortgage division, and the majority of Lake Area Bank's business customers on August 29, 2022. Impacted Lake Area Bank customers became Royal Credit Union Members on Monday, August 29, 2022. This page provides important information about the acquisition process.

Acquisition Information

Royal mailed communications to all impacted Lake Area Bank customers that covered the transition process, including the conversion of Lake Area Bank accounts to Royal accounts. You can find electronic versions of selected mailings linked below.

Watch A Video From Royal's President/CEO

General Acquisition Questions

What if I have a question about the Lake Area Bank acquisition? Many specific details are shared in our Welcome Booklet, which will be mailed to impacted Lake Area Bank customers. Additional communications will be provided for other specific situations closer to the conversion date. If you have questions after reviewing our welcome materials, please use the contact form on this web page or call 800-341-9911.

Can Lake Area Bank customers join Royal Credit Union before the acquisition is complete? Yes, Lake Area Bank customers are welcome to join Royal before the acquisition is complete by opening an account through our normal process. However, acquired Lake Area Bank customers will become Royal Members when accounts are converted with no action required, so opening a Royal account before then is not necessary. 

During the acquisition, will account numbers stay the same? As part of the Lake Area Bank acquisition, impacted Lake Area Bank customers will receive new Royal Credit Union account numbers, checks, debit cards, and other account materials. All loans will also have new Royal account numbers. More account specific questions are answered in our Welcome Booklet.

What happens if I am a customer of Lake Area Bank and a Member of Royal already? If you already have accounts at both Lake Area Bank and Royal Credit Union and your Lake Area Bank accounts are impacted by the acquisition, your Lake Area Bank accounts will be added as new accounts in Royal’s system. You will keep your existing Royal Member Number and your added accounts will automatically appear (separately from any existing Royal accounts) in online or mobile banking. 

During the Lake Area Bank acquisition, when will Royal's rates apply to acquired Lake Area Bank accounts? Account-specific information, including detailed rate comparisons, will be mailed to Lake Area Bank customers before the conversion takes place. Generally, deposit accounts excluding certificates will begin earning interest at Royal’s rates as soon as you become a Royal Member. Certificates will continue to earn interest at their original rate until they mature, and then earn interest at Royal’s rates if renewed. Loan interest rates will generally remain unchanged unless the loan is refinanced with Royal. Credit card accounts are not part of the acquisition and will not be changing. 

Will all Lake Area Bank customers become Royal Credit Union Members? Only the Lake Area Bank customers with accounts or loans at Lake Area Bank's Hugo, Stillwater, and White Bear Lake offices, plus the majority of Lake Area Bank's business customers, will become Royal Members.

More About Royal

Royal Credit Union provides personalized service to our Members from offices across West Central Wisconsin and the Twin Cities Metro in Minnesota. As a Member-owned financial cooperative, we return earnings to our Members in the form of better rates on deposits and loans plus more free or low-fee account services.

  • Royal has over 20 office locations. Find an office.
  • We participate in a nationwide network of shared ATMs to provide surcharge-free access to 40,000+ ATMs. Find an ATM.
  • We offer a full suite of accounts and loans to meet your personal banking needs. We also offer business accounts and loans.
  • We have lots of online and mobile tools to make managing your account easy. We have a mobile app with check deposit, Bill Pay, real-time account alerts, a virtual assistant on, and so much more.

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