The $1.7 billion Royal Credit Union said last week that it hasentered into a definitive agreement to acquire the Apple Valley,Minn.-based branch of the $497 million Deerwood Bank.
This purchase shows that the Eau Claire, Wis.-based cooperative is continuing to expand itspresence in neighboring Minnesota. In April, Royal signed adefinitive agreement to buy Capital Bank in St. Paul, Minn., whichis expected to be completed in the second half of the year.
Royal said in a prepared statement that it will purchase assetsof the branch and assume its deposits. Financial terms of theacquisition were not disclosed.
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