AnchorBank, fsb, a wholly owned subsidiary of Anchor BanCorp Wisconsin Inc. (ABCW), announced that it has entered into a definitive agreement for the sale of its Viroqua branch to Royal Bank of Elroy.
The transaction is subject to regulatory approval and customary closing conditions and is targeted for closing by the end of May 2015. Financial terms of the transaction were not disclosed.
The branch involved in the transaction is located at 311 North Main Street in Viroqua.
“We are continually evaluating our branch network to ensure AnchorBank’s continued success,” said Chris Bauer, AnchorBank’s Chief Executive Officer. “In 2015, we’ll continue to focus on enhancing revenue growth and working to improve the effectiveness of our operating platform, and delivering a great banking experience for our customers.”
“We are pleased to work with AnchorBank to complete this transaction,” said Royal Bank President Greg Darga. “Expanding our footprint to Viroqua helps to continue our mission of delivering a superior customer experience. With a network of offices in the rural communities of central and southwest Wisconsin, Viroqua is a natural fit for us. We welcome Viroqua area customers to Royal Bank and look forward to serving them through our existing branch network.”
Edelman & Co., Ltd. served as financial advisor to AnchorBank in this transaction.