Wings Financial to acquire Minnesota-based Neighborhood National Bank
Wings Financial Credit Union has agreed to acquire Neighborhood National Bank and its six branches located in Minnesota for an undisclosed price.
Also based in Minnesota, Wings Financial Credit Union will add the six branches of Neighborhood National Bank located in Mora, North Branch, Brainerd, Aitkin, and Alexandria.
Founded in 1963, Neighborhood National Bank has a workforce of over 50 people. It holds assets in the excess of $216 million.
Following the closing of the deal, its branches will be re-branded as Wings Financial Credit Union and its existing customers will be enrolled as credit union members.
Frank Weidner – Wings Financial Credit Union president and CEO said: “Neighborhood National Bank has more than 56 years of service to central Minnesota, and during that time it has developed a well-earned reputation for taking care of its customers, taking care of its employees and for being a welcome member of its communities.
“We’re eager to welcome our new members; they will benefit from our services, our great rates and low fees. And, upon closure of the transaction, the Wings members living in these areas will gain additional convenience through these new branch locations.”
The acquisition of Neighborhood National Bank will take the total branch presence of Wings Financial Credit Union in Minnesota to 30 locations.
Doyle Jelsing – Neighborhood National Bank president and CEO said: “It’s been a great pleasure to serve our customers through the years.
“We’re proud to have been their financial partner and to count them as part of our corporate family. It was vitally important to us that we find a buyer for the bank who would provide a comparable level of service and the full range of financial products our customers need. We found what we were looking for in Wings.”
Piper Sandler & Co. is the financial advisor for Wings Financial Credit Union for the transaction, while Foley & Mansfield is its legal counsel. On the other hand, CliftonLarsonAllen is the financial advisor for Neighborhood National Bank, while Ballard Spahr is the legal counsel.
The completion of the transaction, which will be subject to approvals from state and federal regulators, is likely to occur during Q3 2020.