Wings Financial Credit Union in Apple Valley, Minn., has agreed to buy Settlers Bank in DeForest, Wis.
The $8 billion-asset Wings said in a press release that it expects to complete the purchase of the $390 million-asset Settlers by the middle of 2023. The price wasn’t disclosed.
Wings plans to rebrand Settlers’ branches as Settlers Best Credit Union, a division of Wings Financial Credit Union.
Settlers “was started 15 years ago to be accessible and to build relationships through collaboration,” Tom Spitz, the bank’s founder and CEO, said in the release. “Wings shares these values and our partnership will allow us to build on our already strong market momentum.”
Wings bought Brainerd Savings & Loan in Minnesota in June 2021. Its 2020 agreement to buy Neighborhood National Bank in Minnesota was subsequently terminated.
Wings is one of three credit unions that recently filed a lawsuit against the banking regulator in Minnesota in an effort to override the agency’s refusal to approve credit union-bank deals.