The $1.8 billion Royal Credit Union completed its acquisition of Capital Bank in Saint Paul Aug. 29.
The transition of Capital Bank's branch took place over the weekend of Aug. 27, and on Aug. 29 Capital Bank customers became members of Royal.
The Eau Claire, Wis.-based Royal assumed approximately $35 million in assets of the former bank.
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"The acquisition allows Royal to offer more convenient access to our values-driven company in the Minneapolis-Saint Paul metropolitan area," Rudy Pereira, Royal Credit Union president/CEO, said in a prepared statement.
This is the second completed credit union acquisition of a bank in 2016. The $1.2 billion Advia Credit Union in Parchment, Mich., finalized its acquisition of the $82 million Mid America Bank in Janesville, Wis., on Aug. 1.
On Aug. 26, the $577 million Family Security Credit Union in Decatur, Ala., said it plans to buy the $24.4 million Bank of Pine Hill in Pine Hill, Ala. That deal is expected to close during the first quarter of next year. Pending customary closing conditions, including obtaining regulatory approval, the transaction's completion is expected to occur later this year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
