One of the largest credit unions in the country plan to gobble up another Minnesota bank has fallen apart.
Wings Financial Credit Union – with nearly $7 billion in assets – planned to buy Neighborhood National Bank of Mora, Minn. The deal was announced in March 2020 for the credit union giant to buy the $200 million bank. But in early 2021 the deal fell apart, much to the surprise of Neighborhood National CEO Doyle Jelsing.
As the Credit Union Times reported:
“Wings Financial Credit Union was about three months from closing its deal to buy Neighborhood National Bank when the credit union suddenly stopped the acquisition process without explanation, Neighborhood National Bank President/CEO Doyle Jelsing said Wednesday.
“‘It has been terminated because they did not proceed forward, and they have never given us a reason why,’ Jelsing said.”