AnchorBank, a wholly-owned subsidiary of Anchor BanCorp Wisconsin has finalized the sale of its Viroqua retail banking branch to Royal Bank of Elroy, Wisconsin as previously announced.
The transaction closed today following receipt of the necessary regulatory approvals and satisfaction of customary closing conditions. Financial terms of the transaction were not disclosed.
Under the agreement, Royal Bank has assumed approximately $12 million in deposits, along with loans and other assets. The branch involved in the transaction is located at 311 North Main Street in Viroqua, Wisconsin.
"We believe Royal Bank will serve these Viroqua customers well, and wish them the best during this transition," said Chris Bauer, AnchorBank’s Chief Executive Officer. "This sale underscores our deep commitment to improving the effectiveness of our operating platform, while delivering a great banking experience for our customers."
Edelman & Co., Ltd. served as financial advisor for Royal Bank in the transaction.