Wings Financial Credit Union in Apple Valley, Minn., has announced plans to buy Brainerd Savings & Loan in Minnesota.
The deal, announced Monday, is the first credit union-bank acquisition of 2021. After a slowdown in deal volumes in 2020 due to the pandemic and economic downturn, some industry experst have suggested the pace of those transactions
Brainerd Savings "has served central Minnesota for over 99 years, and during that time it has developed a well-earned reputation for taking care of its members, taking care of its employees and for being a welcome member of its communities,” Frank Weidner, the Wings' president and CEO, said in a press release.
The $6.7 billion-asset Wings did not disclose the price it will pay for the $72 million-asset Brainerd Savings. The deal is expected to close by May 31.
The transaction is the second bank deal for Wings in the past year. The credit union agreed in February 2020
Wings also bought three KleinBank branches in 2018.
The deal continues Wings' expansion into markets outside of the Twin Cities, home to the bulk of its branches. It also has locations in Florida, Georgia, Michigan and Washington state.
"This new partnership will allow us to continue to serve our members with the same care and commitment that they have come to expect," Catherine Meyer, Brainerd Savings' president and CEO, said in the release.
Brainerd Savings was advised by Silver, Freedman, Taff & Tiernan. Wings was advised by Foley & Mansfield.
