Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
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.


RSS





print
News Now LiveWire
Consumers depending heavily on financing for new autos: 84% look for loans says @Experian http://t.co/iV93NSdp0x
1 hour ago
Consumer credit ticks up slightly in Jan http://t.co/nAmR7fyGLi
3 hours ago
RT @cumagazine: Make a good impression during your #CUNAGAC Hill visits: 8 tips http://t.co/C4gtRbQG2s
4 hours ago
Taking a walkthrough before #CUNAGAC starts this weekend. http://t.co/k9hktHjm9b
5 hours ago
There will be lots of social media action at 2015 #CUNAGAC that starts in D.C. this Sunday. http://t.co/vyP4XbtFbk
5 hours ago