Acknowledging what it calls its trailblazer role in acquiring bank assets, $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.
In a statement, Royal CU President/CEO Charles Grossklaus said the purchase of the Wisconsin branches of AnchorBank, including loan and deposit portfolios, represents "the largest bank branch acquisition that our state and federal regulators have considered" making the CU "very proud to have received regulatory approval."
Led by the NCUA, three other regulatory agencies including the FDIC, Office of Thrift Supervision and the Wisconsin Office of Credit Unions gave final approval to the transaction, which was submitted last November.
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