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Royal Purchase of Bank Branches is 'Outstanding Deal'

Calling his purchase "the largest that I know of between a credit union and a bank" the president/CEO of the $1 billion Royal Credit Union of Eau Claire, Wis. forecast the buyout of 11 AnchorBank branches will take 18 months to complete.

By Jim Rubenstein | Updated on November 16, 2009

Calling his purchase “the largest that I know of between a credit union and a bank and an outstanding deal for us” the president/CEO of the $1 billion Royal Credit Union of Eau Claire, Wis. forecast the buyout of 11 AnchorBank branches including the addition of 114 employees will take 18 months to complete.

“I think the real news is that for the first time we will be introducing a credit union into communities that have only known banking services and that seems a pretty strong plus for credit unions,” said Charles Grossklaus, the Royal CU head.

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