Royal Credit Union (Royal) announced today that it has entered into a definitive agreement to acquire the Inver Grove Heights, Minnesota office of Deerwood Bank. The acquisition will offer Royal the opportunity to enhance office accessibility to its current Minnesota Membership, as well as serve additional Members in the Metro area. The office, located at 7055 Cahill Avenue in Inver Grove Heights, is Deerwood Bank’s only facility included in the agreement.
Under the terms of the agreement, Royal will assume approximately $15M in deposits and purchase assets of the Inver Grove Heights office. Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur in early 2022. Royal and Deerwood worked together in 2016 on Royal’s successful purchase of Deerwood’s Apple Valley, Minnesota office.
Royal is committed to a smooth transition for Deerwood’s Inver Grove Heights customers. Deerwood Bank will retain ownership of its other 12 bank locations in Minnesota.