Eagan's Oak Trust Credit Union Has New Buyer

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An Eagan credit union branch office with 4,300 local members will soon be under new ownership.

St. Paul-based Affinity Plus Federal Credit Union has acquired Oak Trust Credit Union's the credit union announced on Monday. The purchase is expected to close by June 30, 2013.

Oak Trust Credit Union members will be able to access Oak Trust services for some time, while Affinity Plus waits for regulatory approval to assume Oak Trust's memberships and account information. Affinity Plus members will not be able to access their accounts or process transactions at the Eagan location until the the deal closes, according to a news release issued by Affinity Plus.

Affinity plus has 26 branch locations and eight locations in the Twin Cities metro area. Since 2010, the company has acquired three new branch locations in Bemidji, Coon Rapids and Hastings and expanded two other branches in Minnesota. Affinity Plus has 160,000 members in Minnesota and $1.6 billion in Minnesota assets.

Oak Trust is based in Naperville, Ill., and has one branch location in Villa Park, Ill.

"[The acquisition] will allow Affinity Plus the opportunity to serve new members and provide convenience for members located in the South metro,” Affinity Plus President and CEO, Kyle Markland said. “We are honored Oak Trust selected Affinity Plus to serve their membership and we are dedicated to making the acquisition go as smoothly as possible.”