Two credit unions in Eau Claire, Wisconsin, merge.
Royal Credit Union, which has $ 3.8 billion in assets, announced on Friday that it had agreed to partner with the Assets of $ 6.7 million Utility Credit Union.
Members of the utilities approved the plan on Thursday. The new entity will use the name Royal Credit Union and will operate under the direction of Royal from September 30.
“We look forward to welcoming UCU members to the Royal Credit Union,” said Brandon Riechers, President and CEO of Royal, in a press release. “Royal offers a wide variety of products and services from several offices around Eau Claire, making the merger ideal for UCU members. We are excited to extend our value proposition and community engagement to UCU membership. In addition, we are pleased to offer all employees and retired employees of Xcel Energy and its subsidiaries additional benefits under the Royal Employer Partnership Program starting in October.
In August, Royal announced that he was buying Lake Area Bank in Lindstrom, Minnesota. It was the eighth credit union-bank merger announced in 2021 and would be Royal’s second banking acquisition.
Utilities Credit Union was founded in 1932 to serve the needs of Xcel Energy / Northern States Power employees, active and retired, and their families. Credit unions estimate that 500 of its 896 members are also royal members.
“Royal Credit Union is a strong financial institution with a history quite similar to UCU, as Royal was established by a group of employees within a company in 1964,” said John R. Ness, chairman of the Board of Directors of Utilities Credit Union, in The. “Royal’s primary goal of creating a positive impact on the lives it touches is in keeping with UCU’s philosophy and values, and we value Royal’s excellent reputation in the communities it serves. “