Financial credit

Wings Financial Credit Union to acquire Brainerd Savings & Loan


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 as a branch of Wings Financial and the members of the bank 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 over 300,000 members. Wings members currently have access to over 80,000 ATMs at no additional cost, including Costco at Baxter, Target and other businesses through the Allpoint and CO-OP ATM networks. Wings has 24 branches throughout the state of Minnesota, as well as branches in Atlanta, Detroit, Orlando, and Seattle.

“It’s an exciting transaction. Wings and Brainerd Savings & Loan are institutions owned by their members. 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. “Wings and Brainerd Savings & Loan are both very dedicated 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 they have come to expect.

Wings President and CEO Frank Weidner added: “We are also delighted and look forward to welcoming the members of Brainerd Savings & Loan as members of Wings. Wings is committed to providing quality financial products and services; and customer-centric value and satisfaction for its members. Brainerd Savings & Loan has served its community well for over 99 years and we look forward to strengthening this relationship and offering expanded products, services and convenience to its members. We are also looking forward to expanding our presence and seeing the employees of Brainerd Savings & Loan join the Wings family.

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

“We explored opportunities to expand our services into 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.

Formed 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 a single site.
Wings Financial Credit Union is Minnesota’s largest credit union and one of the nation’s top credit unions, with $ 6.7 billion in assets and over 300,000 members. In 2020, Wings was named one of Gobankingrates.com’s Top 10 Nationwide Credit Unions for the coming year, as well as one of Star Tribune’s Best Workplaces for the eighth consecutive year. .


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