The $1.7 billion Royal Credit Union said it has entered 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 its presence in neighboring Minnesota. In April, Royal signed a definitive agreement to buy Capital Bank in St. Paul, Minn., which is expected to be completed in the second half of the year.
Royal said in a prepared statement that it will purchase assets of the branch and assume its deposits. Financial terms of the acquisition were not disclosed.
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