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The $3.7 billion Royal Credit Union has been on a merger and acquisition spree in 2021. On Friday, the Eau Claire, Wis.-based credit union ($3.7 billion in assets, 241,372 members) announced it has plans to merge Utilities Credit Union into the Royal family. This is Royal's third such announcement this year.
In a statement from Royal, the newly combined entity will operate under the Royal name and leadership. UCU ($6.8 million in assets, 899 members), also based in Eau Claire, said its members voted to approve the merger on Sept. 9. The merger will be effective on Sept. 30, 2021 and all UCU members will be transitioned to Royal by Oct. 4, 2021.
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"We look forward to welcoming UCU Members to Royal Credit Union," Brandon Riechers, Royal Credit Union president/CEO, said. "Royal offers a wide variety of products and services from several offices around Eau Claire, making the merger a great fit for UCU members. We are excited to extend our value proposition and community commitment to the UCU membership. In addition, we are pleased to offer all employees and retired employees of Xcel Energy and its subsidiaries added benefits through Royal's Employer Partnership program beginning in October."
Earlier in 2021, the $52.4 million People's Choice Credit Union in Medford, Wis., merged into Royal. Just last month, Royal signed a definitive agreement to acquire the $438 million Lake Area Bank in Linstrom, Minn., continuing the expansion of the credit union's market reach in that state.
According to Friday's announcement, UCU was formed in 1932 to serve Xcel Energy/Northern States Power employees, retirees and their families. Approximately 500 of UCU's 896 members are existing Royal members.
"Royal Credit Union is a strong financial institution with a history that is quite similar to that of UCU, as Royal was started by a group of employees within a company in 1964," John R. Ness, board chairman of UCU, said. "Royal's core purpose of creating a positive impact in the lives it touches is consistent with UCU's own philosophy and values, and we appreciate Royal's excellent reputation in the communities it serves."
UCU currently has a single office location inside the Xcel Energy building located in Eau Claire. According to Royal, following completion of the merger, members will be served at Royal's existing locations.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
