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.
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.