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Wings Financial Credit Union To Acquire Settlers Bank

Nov 04, 2022•about 3 years ago

Acquiring Company

Wings Financial Credit Union

Acquired Company

Settlers bank

BankingLendingFinancial ServicesBankingLendingFinanceFinancial Services

Description

Wings Financial Credit Union and SB Bancorp, Inc., the holding company for Settlers bank, announced today that the two organizations have reached an agreement for Wings to acquire the bank, including their three branch locations in Appleton, Madison, and Windsor, Wisconsin.

Company Information

Company

Wings Financial Credit Union

About

Wings Financial Credit Union is Minnesota's largest credit union and one of the top credit unions nationally, with over $8 billion in assets and more than 340,000 members. In 2022, Wings was named one of the top credit unions nationally by Gobankingrates.com, as well as being recognized by the Star Tribune as Minnesota’s Best Credit Union and as a top workplace for the 10th 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 28 branch locations throughout the state of Minnesota, plus branches in Atlanta, Detroit, Orlando, and Seattle. To learn more, visit www.wingsfinancial.com

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed