Wings Financial Credit Union of Apple Valley, Minn., has agreed to buy Neighborhood National Bank in Mora, Minn.
The $5.6 billion-asset credit union said in a press release Friday that it expects to buy the $224 million-asset bank in the third quarter. Wings did not disclose the price it will pay.
“It was vitally important to us that we find a buyer for the bank who would provide a comparable level of service and the full range of financial products our customers need,” Doyle Jelsing, Neighborhood National's president and CEO, said in the release. “We found what we were looking for in Wings.”
The credit union serves more than 287,000 members and will have 30 branches in Minnesota when the deal closes.
Jelsing plans to retire once the deal is closed, according to an employee of the credit union. No employee positions will be eliminated.
“We’re eager to welcome our new members; they will benefit from our services, our great rates and low fees,” Frank Weidner, Wings' president and CEO, said in the release. “And, upon closure of the transaction, the Wings members living in these areas will gain additional convenience through these new branch locations.”
Piper Sandler and Foley & Mansfield advised Wings. CliftonLarsonAllen and Ballard Spahr advised Neighborhood.
