Wings Financial Credit Union has agreed to buy Neighborhood National Bank, Mora, Minn.
The deal, set to close in the third quarter, includes six branches in Mora, North Branch, Aitkin, Brainerd and Alexandria, Minn. It will bring Apple Valley, Minn.-based Wings Financial’s total branch presence in Minnesota to 30 locations.
The $225 million Neighborhood National had $187 million in deposits as of June 30, 2019. It made $2.2 million in net income in the first three quarters of 2019, compared to $2.1 million a year prior. The bank had $148 million in loans as of Sep. 30, down from $152 million a year prior.
“It’s been a great pleasure to serve our customers through the years,” said Doyle Jelsing, Neighborhood National Bank president and CEO. “We’re proud to have been their financial partner and to count them as part of our corporate family. It was vitally important to us that we find a buyer for the bank who would provide a comparable level of service and the full range of financial products our customers need. We found what we were looking for in Wings.”
Founded in 1938, Wings Financial has more than $5.6 billion in assets. It draws its membership of more than 280,000 from those who live or work in 24 Minnesota counties — including the Minneapolis–St. Paul metro area — the metropolitan areas of Detroit, Seattle and Orlando and the aviation industry nationwide.
“Neighborhood National Bank has more than 56 years of service to central Minnesota, and during that time it has developed a well-earned reputation for taking care of its customers, taking care of its employees and for being a welcome member of its communities,” said Frank Weidner, Wings Financial CU president and CEO.
Piper Sandler & Co. acted as financial advisor and Foley & Mansfield PLLP served as legal counsel to Wings Financial Credit Union. CliftonLarsonAllen LLP acted as financial advisor and Ballard Spahr LLP served as legal counsel to Neighborhood National Bank.