Wings Financial Credit Union to acquire Brainerd Savings & Loan
The transaction, which requires approval by state and federal regulators, is expected to close by May 31. When the merger is complete, the location will be rebranded as a Wings Financial branch, and the bank’s members will be enrolled as members of the credit union.
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Brainerd Dispatch | ×
Brainerd Savings & Loan in downtown Brainerd.
Apple Valley-based Wings Financial Credit Union and Brainerd Savings & Loan announced Jan. 25 the two organizations have reached an agreement for Wings to acquire the bank, including its branch location in Brainerd.
The transaction, which requires approval by state and federal regulators, is expected to close by May 31. When the merger is complete, the location will be rebranded as a Wings Financial branch, and the bank’s members will be enrolled as members of the credit union.
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Credit unions acquisitions of banks have kicked off in 2021 just as they had in 2020: with a move by Minnesota s Wings Financial Credit Union.
The $6.7 billion-asset Apple Valley-based credit union is buying fellow Minnesota lender Brainerd Savings & Loan, it announced Monday, according to the Minneapolis/St. Paul Business Journal and American Banker. The deal, which requires federal and state approval, is expected to close by May 31. Financial terms were not disclosed.
Wings in February 2020 announced it would buy Mora, Minnesota-based Neighborhood National Bank in the first bank purchase by a credit union last year.
The acquisition of taxpaying banks by tax-exempt credit unions has aroused pushback from the Independent Community Bankers of America (ICBA), which launched a campaign in late 2019 aimed at curbing the trend. Credit unions in 2019 bought 16 banks, an acceleration from nine the previous year. That number winnowed to seven in 2020.
Wings Financial to buy another bank americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
($6.5 billion in assets)
will now offer Access Softek’s EasyVest robo-advisor investing solution to its more than 300,000 members to make investing simpler and more accessible.
Access Softek, Inc., an omnichannel digital banking platform provider, created EasyVest to give financial institutions a solution that simplifies investing and makes it available to the average member for a minimum as low as $200. With the increasing level of competition in the wealth management space, Access Softek’s EasyVest is the first and only robo-advisor that seamlessly integrates into online banking to help credit unions enhance their wealth management programs and compete with third-party investment apps.