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RCU acquires mortgages from The RiverBank
EAU CLAIRE, Wis. (10/12/11)--Royal CU (RCU), based Eau Claire, Wis. with $1.2 billion in assets, and The RiverBank, Osceola Wis., have entered into an agreement for RCU to acquire the servicing rights of The RiverBanks’ $600 million in mortgage loans. The transaction, which is expected to be finalized Monday, adds about 4,200 mortgage loan members to RCU. “We welcome these 4,200 mortgage customers to RCU,” said Charles Grossklaus, RCU CEO. “Our commitment to staying local is strong and, consistent with our vision to satisfy all of our members’ financial needs; we look forward to building relationships with these members so we can be there when they need their next financial product.” In a letter to its customers The RiverBank said, “We have now come to a turning point in our business model that we need to make a change. Realizing the importance of the local servicing, we have partnered with RCU to transition the servicing.” The transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgages.


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