APPLE VALLEY, Minn. and BRAINERD, Minn. (Jan. 25, 2021) — Wings Credit Union and Brainerd Savings & Loan announced today that the two organizations have reached an agreement for Wings acquire the bank, including its branch location in Brainerd.
The transaction, which requires approval by state and federal regulators, is expected to close by May 31, 2021. When the merger is complete, the location will be re-branded as a Wings Financial branch, and the bank’s members will be enrolled as members of the Credit Union.
Catherine Meyer, CEO, President and Director of Brainerd Savings & Loan said, “This is an exciting transaction! Both Wings and Brainerd Savings & Loan are institutions that are owned by their members. Our operating philosophies and principals are strikingly similar. We pride ourselves on providing our members with excellent service. Both Wings and Brainerd Savings & Loan are strongly dedicated to their employees. Wings is passionate about the communities it serves and is committed to continuing our tradition of excellence in the Brainerd Lakes Area. We are pleased that this new partnership will allow us to continue to serve our members with the same care and commitment that they have come to expect.”
“Brainerd Savings & Loan has served central Minnesota for over 99 years, and during that time it has developed a well-earned reputation for taking care of its members, taking care of its employees and for being a welcome member of its communities,” said Frank Weidner, Wings CU President and CEO. “We’re eager to welcome our new members from Brainerd Savings & Loan; they will benefit from our services, our great rates and low fees. And, upon closure of the transaction, current Wings members living in the area will gain additional convenience through this new branch location.”
When completed, the acquisition will bring Wings' total branch presence in Minnesota to 25 locations. “We have been exploring opportunities for expanding our services in central Minnesota, and this transaction was a great fit for both Brainerd Savings & Loan and Wings,” said Weidner.
Brainerd Savings was represented by Silver, Freedman, Taff & Tiernan LLP, Washington D.C. Wings was represented by Foley & Mansfield, Minneapolis, MN.
About Wings Credit Union
Wings Credit Union is Minnesota's largest credit union and one of the top credit unions nationally, with $6.7 billion in assets and over 300,000 members. In 2020, Wings was named one of the top ten credit unions nationally by Gobankingrates.com for the upcoming year, as well as a Star Tribune top workplace for the eighth consecutive year.
Wings members enjoy some of the area's best savings and lending rates, convenient mobile and online access, over 80,000 surcharge-free ATMs and 24 branch locations throughout the state of Minnesota, plus offices in Atlanta, Detroit, Orlando, and Seattle. Founded in 1938, Wings’ membership has grown to include anyone who lives or works in 24 Minnesota counties including the Minneapolis–St. Paul metro area, the metropolitan areas of Detroit, Seattle and Orlando and the aviation industry nationwide. To learn more, visit www.wingsfinancial.com
About Brainerd Savings & Loan
Formed in 1922, Brainerd Savings & Loan has served members in and around the central Minnesota community of Brainerd. As of year-end 2020, Brainerd Savings & Loan had assets of approximately $72.4 million and operated one location. Brainerd Savings has offered convenient access to its members through the MoneyPass ATM network and convenient online and mobile services. More information: www.brainerdsavings.com