The $55 million Northwoods Credit Union of Cloquet, Minn., isjoining the list of credit unions buying bank branches and in this case the dealincludes deposits as well as the building.
“We are very exciting about this planned purchase which we arehoping can be completed by July 20 after we receive regulatoryapproval from NCUA and the FDIC,” said Barbara Brown,president/CEO.
The credit union is purchasing a branch of Duluth-based NorthShore Bank of Commerce located close by a Walmart store in Cloquet,a northeast Minnesota community of 12,000. Terms were notdisclosed.
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