The 135,000-member Royal Credit Union has purchased the mortgage servicing rights to $600 million in mortgage loans from a local bank that the FDIC subsequently took over and sold to another bank.
Wisconsin CU assumes 4,200 mortgages worth $600 million as FDIC moves to shut down Minnesota-based The RiverBank.
Wisconsin-based Royal Credit Union has finally completed its purchase of a large chunk of a troubled community bank's assets.
The $1 billion Royal Credit Union of Eau Claire, Wis. wasted little time in the purchase/conversion of 11 branches of an ailing Madison bank setting June 26-28 as the formal switchover.
All three federal regulators with a say in the matter have given a green light of Royal Credit Union's purchase of a struggling bank's assets.