Falcon Heights, Minn.-based Blaze Credit Union is expanding in the southeast part of the state by acquiring the Claremont branch of Luminate Bank.
The acquisition is expected to close in October and add $25 million in member deposits and 550 customers to the credit union’s footprint. A town of 500 people, Claremont is nearly equidistant from Blaze’s new Rochester branch and its Waseca location.
As of the end of last year, Blaze Credit Union had 254,000 members and $4.6 billion in assets. The credit union has 30 branches. As of late January, Minneapolis-based Luminate Bank had $511 million in assets and two branches.
"We remain deeply committed to community banking in the markets we serve and are confident Blaze Credit Union will provide strong local support and excellent service to our Claremont customers,” said Luminate Bank CEO Marc Campbell.