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Royal CU purchases assets of Anchor Bank
ALEXANDRIA, Va. (6/14/10)--Twenty thousand bank customers were transformed into credit union members last week when Royal CU, of Eau Claire, Wis., purchased assets from Wisconsin-based Anchor Bank. The bank has been seeking solutions to its stability problems all year. As reported in April by the Milwaukee Journal Sentinel online version , the bank lost $158.2 million last year after losing $169.8 million in 2008 and had been looking to shed assets and branches. The National Credit Union Administration (NCUA) announced Friday that it has approved the purchase and assumption of certain assets, including eleven branch offices in Wisconsin, and deposits by the state-chartered Royal CU from Anchor Bank. The Wisconsin Office of Credit Unions, Federal Deposit Insurance Corporation, and Office of Thrift Supervision also have approved the transaction. Royal, which is federally insured, has approximately $1.05 billion in assets. An Anchor Bank spokesman said this transaction reduces its operation from 72 branches to 61. After pending arrangement with Nicolet Bank in the region to purchase four more branches, Anchor will continue operations with 57 branches. Carla Leuck, community relations coordinator at Royal CU, said the credit union was planning to release more information about the purchase today.


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