BAXTER, Minn. — Mid Minnesota Federal Credit Union has agreed to acquire the Clarissa branch of Unity Bank, a transaction expected to close before the end of 2026 pending regulatory approval.
Financial terms of the agreement were not disclosed.
The acquisition is part of the $834-million MMFCU’s strategy to expand its footprint, according to the Brainerd Dispatch.
“We are excited to welcome the customers and employees of Unity Bank’s Clarissa branch,” Mid Minnesota on President and CEO Bob Gerads told the Dispatch. “This is an opportunity to continue building on the strong relationships already in place while bringing our member-focused approach and resources to this community.”
The Top Priority
The credit union said ensuring a smooth transition for customers will be a top priority, according to the Brainerd Dispatch.
“We understand that banking relationships are built on trust,” Gerads said. “Our goal is to make this transition as easy as possible while continuing to provide the personal service customers expect.”
Customers of the Clarissa branch will receive additional information about the transition, including account details and any actions they may need to take, the Brainerd Dispatch reported. Mid Minnesota Federal Credit Union and Unity Bank said they are working together to provide consistent communication throughout the process.
Staff to be Retained
The credit union also said it plans to retain the branch’s employees following the acquisition.
“The team at this location brings strong relationships and deep knowledge of the community,” Gerads said. “We’re committed to supporting them through this transition and working together to continue delivering a great experience for customers.”
According to the organizations, McQueen Financial Advisors served as financial adviser to Mid Minnesota Federal Credit Union, while Tim Oppelt of SW&M acted as the credit union’s legal counsel. Hovde Group served as financial adviser to Unity Bank, and Honigman LLP provided legal counsel to the bank.
