Madison-based AnchorBank plans to sell 11 branches in northwestern Wisconsin to Royal Credit Union of Eau Claire.
In an announcement Monday night, the bank, which is a subsidiary of Anchor BanCorp Wisconsin, said the transaction is subject to regulatory approval and is expected to be completed in the first quarter of 2010. Financial terms were not disclosed.
The credit union will assume about $177 million in deposits and receive a corresponding amount in loans, real estate and other assets.
AnchorBank CEO Chris Bauer said the sale will move the bank closer to compliance with an Office of Thrift Supervision supervisory agreement that calls for higher capital ratios.
The branches being sold are in Amery, Balsam Lake, Centuria, Menomonie, Milltown, New Richmond, Osceola, River Falls, St. Croix Falls, Somerset and Star Prairie.
All of the offices being sold were acquired by AnchorBank in its 2008 acquisition of S&C Banco.
Posted in Business on Tuesday, November 17, 2009 9:35 am Updated: 11:27 am. Anchor Bancorp, Anchorbank, Royal Credit Union
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