Financial credit

Wings Financial Credit Union to Acquire Brainerd Savings & Loan – Brainerd Dispatch

Apple Valley-based Wings Financial Credit Union and Brainerd Savings & Loan announced Jan. 25 that the two organizations had reached an agreement for Wings to acquire the bank, including its branch in Brainerd.

The transaction, which requires approval from state and federal regulators, is expected to close by May 31. Once the merger is complete, the location will be renamed Wings Financial Branch, and the bank’s members will be registered as members of the credit union. .

Founded 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 more than 80,000 premium-free ATMs, including Costco at Baxter, Target stores and other businesses through the Allpoint and CO-OP ATM networks. Wings offers 24 locations statewide in Minnesota, as well as locations in Atlanta, Detroit, Orlando and Seattle.

“It’s an exciting transaction. Wings and Brainerd Savings & Loan are member-owned institutions. Our philosophies and operating principles are surprisingly similar. We pride ourselves on providing our members with excellent service,” said Catherine Meyer, CEO, President and Director of Brainerd Savings & Loan, in a press release. “Both Wings and Brainerd Savings & Loan are strongly committed to their employees. Wings is passionate about the communities it serves and is committed to continuing its tradition of excellence in the Brainerd Lakes region. We are delighted that this new partnership allows 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 also delighted and look forward to welcoming members of Brainerd Savings & Loan as members of Wings. Wings is committed to providing quality financial products and services; and customer-focused value and member satisfaction. Brainerd Savings & Loan has served its community well for over 99 years and we look forward to building on this relationship and providing expanded products, services and convenience to its members. We also look forward to expanding our footprint and seeing Brainerd Savings & Loan employees join the Wings family.

When completed, the acquisition will bring Wings Financial’s total branch presence in Minnesota to 25 locations.

“We explored opportunities to expand our services in central Minnesota, and this transaction was a perfect fit for both Brainerd Savings & Loan and Wings,” Weidner said.

Brainerd Savings & Loan was represented by Silver, Freedman, Taff & Tiernan LLP, Washington DC. Wings was represented by Foley & Mansfield, Minneapolis, MN.

Established in 1922, Brainerd Savings & Loan has served members in and around the central Minnesota community of Brainerd. At the end of 2020, Brainerd Savings & Loan had assets of $72.4 million and operated one location.
Wings Financial Credit Union is Minnesota’s largest credit union and one of the nation’s leading credit unions, with $6.7 billion in assets and more than 300,000 members. In 2020, Wings was named one of the Top 10 Credit Unions Nationally by Gobankingrates.com for the coming year, as well as one of Star Tribune’s Best Places to Work for the eighth consecutive year.