Lake Area Bank in Minn. to sell to Royal Credit Union

Royal Credit Union in Eau Claire, Wis., has agreed to buy Lake Area Bank in Lindstrom, Minn.

The $3.7 billion-asset credit union said in a press release Thursday that it expects to close the deal for the $500 million-asset Lake Area in the first quarter of 2022. Royal did not disclose the price it will pay.

“Royal is excited for the opportunity to bring our value proposition and commitment to making a positive impact in the lives we touch to expanded areas in Minnesota,” Brandon Riechers, the credit union’s president and CEO, said in the release.

Lake Area “is a family-owned financial institution that has served the community for over 100 years,” Riechers added. “Royal’s values-driven and relationship-based approach to financial management made this acquisition a good fit for our credit union.”

Royal bought Deerwood Bank and Capital Bank in 2016. It has a pending merger with Peoples Choice Credit Union.

Winthrop & Weinstine and Oakridge Financial Services Group advised Lake Area. Honigman and McQueen Financial Advisors advised Royal.