Apple Valley-based Wings Financial Credit Union and Brainerd Savings & Loan announced Jan. 25 the two organizations have reached an agreement for Wings to acquire the bank, including its branch location in Brainerd.
The transaction, which requires approval by state and federal regulators, is expected to close by May 31. When the merger is complete, the location will be rebranded as a Wings Financial branch, and the bank’s members will be enrolled as members of the credit union.
Established in 1938, Wings is Minnesota's largest credit union with over $6.7 billion in assets and more than 300,000 members. Wings members currently have access to over 80,000 surcharge-free ATMs, including Costco in Baxter, Target stores, and other businesses through the Allpoint and CO-OP ATM networks. Wings offers 24 branch locations throughout the state of Minnesota, plus branches in Atlanta, Detroit, Orlando and Seattle.
“This is an exciting transaction. Both Wings and Brainerd Savings & Loan are institutions that are owned by their members. Our operating philosophies and principles are strikingly similar. We pride ourselves on providing our members with excellent service,” said Catherine Meyer, CEO, president and director of Brainerd Savings & Loan, in a news release. “Both Wings and Brainerd Savings & Loan are strongly dedicated to their employees. Wings is passionate about the communities it serves and is committed to continuing our tradition of excellence in the Brainerd Lakes Area. We are pleased that this new partnership will allow us to continue to serve our members with the same care and commitment that they have come to expect.”
Wings President and CEO Frank Weidner added: “We are equally excited, and we look forward to welcoming Brainerd Savings & Loan members as Wings members. Wings is committed to providing quality financial products and services; and customer-focused value and satisfaction to its members. Brainerd Savings & Loan has served its community well for over 99 years and we look forward to building on that relationship and bringing expanded products, services and convenience to its members. We also look forward to expanding our footprint and to having Brainerd Savings & Loan’s employees join the Wings family.”
ADVERTISEMENT
When completed, the acquisition will bring Wings Financial’s total branch presence in Minnesota to 25 locations.
“We have been exploring opportunities for expanding our services in central Minnesota, and this transaction was a great fit for both Brainerd Savings & Loan and Wings,” said Weidner.
Brainerd Savings & Loan was represented by Silver, Freedman, Taff & Tiernan LLP, Washington DC. Wings was represented by Foley & Mansfield, Minneapolis, MN.
Formed in 1922, Brainerd Savings & Loan has served members in and around the central Minnesota community of Brainerd. As of year-end 2020, Brainerd Savings & Loan had assets of $72.4 million and operates one location.
Wings Financial Credit Union is Minnesota's largest credit union and one of the top credit unions nationally, with $6.7 billion in assets and over 300,000 members. In 2020, Wings was named one of the top 10 credit unions nationally by Gobankingrates.com for the upcoming year, as well as a Star Tribune top workplace for the eighth consecutive year.
