Royal Credit Union (Royal) and Utilities Credit Union (UCU) have announced plans to merge. The combined entity will operate under the Royal Credit Union name and leadership. UCU has $6.7 million in assets and 896 Members. UCU Members voted to approve the merger on September 9, 2021. The merger will be effective September 30, 2021 and all UCU Members are expected to be transitioned to Royal by October 4, 2021.
“We look forward to welcoming UCU Members to Royal Credit Union,” said Brandon Riechers, Royal Credit Union President & CEO. “Royal offers a wide variety of products and services from several offices around Eau Claire, making the merger a great fit for UCU Members. We are excited to extend our value proposition and community commitment to the UCU Membership. In addition, we are pleased to offer all employees and retired employees of Xcel Energy and its subsidiaries added benefits through Royal’s Employer Partnership program beginning in October.”
UCU was formed in 1932 to serve Xcel Energy/Northern States Power employees, retirees and their families. Approximately 500 of UCU’s 896 Members are existing Royal Members.
“Royal Credit Union is a strong financial institution with a history that is quite similar to that of UCU, as Royal was started by a group of employees within a company in 1964,” said John R. Ness, Utilities Credit Union Board Chairman. “Royal’s core purpose of creating a positive impact in the lives it touches is consistent with UCU’s own philosophy and values, and we appreciate Royal’s excellent reputation in the communities it serves.”
UCU currently has a single office location inside the Xcel Energy building located at 1414 West Hamilton Avenue in Eau Claire. Following completion of the merger, Members will be served at Royal’s existing locations.