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Credit unions in Wisconsin and Tennessee announced plans to buy two banks - the industry’s seventh and eight acquisition agreements this year – surpassing the six credit union bank-buy deals in 2020.

The $3.7 billion Royal Credit Union in Eau Claire, Wis., said on Thursday that it signed a definitive agreement to acquire the $438 million Lake Area Bank in Linstrom, Minn., continuing the expansion of the credit union’s market reach in that state. In 2016, Royal completed its purchase of the $35 million Capital Bank in St. Paul, Minn., and the Apple Valley, Minn.-based branch of the Deerwood Bank.

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Peter Strozniak

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