Royal Credit Union acquires 11 AnchorBank offices

Royal Credit Union (RCU) is awaiting regulatory approval for the acquisition of 11 branches in northwestern Wisconsin from AnchorBank. The AnchorBank offices acquired by RCU include Amery, Balsam Lake, Centuria, Menomonie, Milltown, New Richmond, Osceola, River Falls, St. Croix Falls, Somerset and Star Prairie.

Under the terms of the agreement, RCU will assume approximately $177 million in deposits and a proportionate amount in loans, real estate and other assets. RCU will purchase nine of the offices and assume the lease on the other two offices.

“RCU is strong, stable and well positioned for the purchase of these eleven offices in western Wisconsin,” says RCU CEO Charles Grossklaus. “Our organization has a long history of successfully merging and growing financials, and we see great potential in these new locations.”

Once the acquisition is complete, RCU will have 26 offices, 23 across central and western Wisconsin and three in the Twin Cities metro area, serving more than 140,000 members.

“We are excited by the opportunity to acquire these AnchorBank offices, which fit perfectly into our five-year expansion plan.”

Grossklaus adds. “We want to be strategic with where we expand. These are successful offices for AnchorBank and a great opportunity for RCU and our members.”

RCU has a large percentage of market share in the communities they already serve. Because of this, RCU has been expanding into western Wisconsin and Minnesota. This started with buying land in New Richmond in June 2007, buying land in Hudson in October 2008, opening an office in Menomonie in March 2009, and merging with REAL Financial Credit Union in the Twin Cities in August 2009.

The acquisition is expected to be finalized in the first quarter of 2010. The financial terms of the transaction were not disclosed.

MOVERS

>> Dr. Kent Vandehaar, a general dentist from Chippewa Falls, was sworn in as the 138th president of the 2,900-member Wisconsin Dental Association in November.

>> The Wisconsin Law Foundation recently selected Ruder Ware Attorneys Lon Roberts, David Anderson, Joseph Mirr and William Tehan to join the Fellows, an honorary program for legal professionals in Wisconsin.

BUSINESS BRIEFS

EAU CLAIRE: Momentum West Inc. has received a $100,000 Regional Marketing Grant from the Department of Commerce to develop a comprehensive strategy to market west central Wisconsin. Momentum West Inc. will use its grant to identify a brand strategy to grow the region’s economic base, with plans to: Conduct a branding study for the region, establish brand-related marketing materials, develop an up-to-date Web site, establish a library of materials and services to assist regional companies as they seek to become successful in international markets; and coordinate trade shows and other similar events. The total project cost is $229,000. Momentum West works on behalf 10 counties in west central Wisconsin.

MARSHFIELD: Security Health Plan of Wisconsin Inc., is one of the nation’s top 20 Medicare plans, and offers the 37th best commercial health plan, according to U.S. News & World Report/NCQA America’s Best Health Insurance Plans 2009-10. Security Health Plan has been the most highly ranked Medicare plan in Wisconsin for the past five years.

RIVER FALLS: RJA Dispersions, LLC, a custom manufacturer of nano-particle and pigment dispersions for major OEM accounts worldwide, relocated operations to Hudson from Maplewood, Minn., on November 1. The company executed a lease for 6,500 square feet for office, laboratory and production space in the River Bluffs Business Center, located in the St. Croix Business Park.
 
SUPERIOR: Fraser Shipyards and Great Lakes Maritime Research Institute will be beneficiaries of the Consolidated Appropriations Act with $2 million allocated for the expansion and improvement of the shipyards. Fraser is beginning a three-phase, $10 million-plus expansion of its shipyard, including the addition and improvement of its existing docking facility to increase work capacity and improve service.

WILSON: Dave’s BrewFarm, had its inaugural production run of “BrewFarm Select” in October. Approximately 1,300 cases of 2 by 12-packs (about 31,200 cans) were produced under contract at the Point Brewery in Stevens Point. Future products to be released by Dave’s BrewFarm will utilize different terms for wind, in recognition of the 20 kW wind turbine located at the BrewFarm. The sustainable brewery also has a thermal wall foundation, an in-floor coil heating/cooling system and reclaimed construction materials. The brewery also grows its own hops.