F&M Assists Wings Financial Credit Union in Acquisition

Foley & Mansfield attorneys Tom Lallier and Ailana McIntosh represented Wings Financial Credit Union in its recent successful acquisition of three KleinBank branch locations.

The sale and asset purchase agreement involved the purchase of three separate real estate properties located in Plymouth, Coon Rapids, and Otsego, Minnesota — along with the assumption of leases, certain financial assets and deposits, customer accounts, and liabilities related to the branch locations.

Lallier, a partner in the firm, oversaw the finance and regulatory components of the deal, with McIntosh handling the real estate components. The complex transaction closed on July 20, 2018, taking about 9 months to complete from execution of the letter of intent to the Closing. Final post-closing matters are still ongoing, but the closing and transition were successful.