Pending customary closing conditions, including obtaining regulatory approvals, the transaction is expected to be completed in early 2022.

In 2016, Royal purchased Deerwood's Apple Valley, Minn., branch.

Deerwood Bank will retain ownership of its other 12 bank locations in Minnesota.

Earlier this month, the $926 million Alabama ONE Credit Union in Tuscaloosa said it completed the purchase of a former branch of First US Bank located in McCalla, which opened as Alabama ONE's 17th branch on Sept. 7.

Financial terms of the branch purchase were not disclosed.

The branch will extend Alabama ONE's service area in eastern Tuscaloosa County and the neighboring communities of Lake View and Woodstock as well as McCalla and Bucksville, where the credit union currently serves more than 3,000 members.

"We're excited to open the branch not only for our current members but also for former First US Bank customers," Alabama ONE President/CEO Bill Wells said in a prepared statement. "Additionally, this branch expands our footprint further into Central Alabama near the intersection of three counties."

Alabama ONE continues to expand its presence across the state this year, with the completed acquisition of First Bank of Linden in Linden in May, and the recent purchase of another branch in the Alberta City community of Tuscaloosa, which will open soon.