Royal Credit Union in Eau Claire, Wisconsin, is merging with a smaller peer.
The $3.7 billion-asset Royal will merge with the $51 million-asset Peoples Choice Credit Union in Medford, Wisconsin, Royal said Wednesday. The combined company will operate under the Royal name and leadership.
“We recognized the opportunity that merging with Peoples Choice provides to bring Royal’s value proposition and community involvement to an area of central Wisconsin that is a logical expansion because of its close proximity to our highly successful Colby branch,” Brandon Riechers, Royal Credit Union’s president and CEO, said in a press release.
PCCU serves members in Clark, Chippewa, Price, Taylor and Rusk counties, which are currently in Royal’s field of membership.
The merger is expected to be completed this summer, and marks Royal’s first credit union merger since 2014.
Royal expanded in Minnesota through the acquisition of Capital Bank in St. Paul in August 2016. Royal acquired Deerwood Bank in Apple Valley, Minnesota, later that year.
Tom Judnic, PCCU’s chairman, said Royal is well positioned to serve the needs of PCCU’s members by offering personalized financial products and “outstanding” service.
“Royal’s values-driven culture and commitment to community align with the mission of Peoples Choice,” he said in the press release.
Royal earned more than $21 million in the first quarter after reporting a loss of $43,000 a year earlier, according to call report data from the National Credit Union Administration. PCCU lost more than $53,000 in the first quarter, after losing $187,000 a year earlier.
