Bank Mutual Announces Agreement to Sell Five Branches to Marine Credit Union
Bank Mutual Corporation: Dawn Riedel, Director of Marketing, 414.371.8361
Marine Credit Union: Caitlin Wilson, Director of Operations Support, 608.780.3836
MILWAUKEE, Wis., April 4, 2017 — Bank Mutual Corporation announced today that it has entered into an agreement to sell five retail branch offices, including the deposit and loan relationships, to Marine Credit Union. The pending sale consists of one office in Kenosha, two in Racine, and two in Sheboygan, Wisconsin, and is expected to close in the third quarter, subject to the necessary regulatory approvals.
David Baumgarten, President and Chief Executive Officer of Bank Mutual, said, “Bank Mutual and Marine Credit Union share a passion for providing consumers with resources and advice to make confident decisions and plans for their financial future, while also supporting our local communities with our time and talents. We are pleased to have a partner in Marine Credit Union that will continue to provide these communities with this level of commitment and support.”
Mr. Baumgarten continued, “As consumer banking habits have changed over time, Bank Mutual, like many other financial institutions, regularly reviews our branch distribution to ensure we are operating as efficiently as possible. Being efficient allows us to provide our customers with higher levels of service and access to financial tools and technology that customers expect in today’s rapidly changing world. The sale of these branches supports our strategy to invest in further enhancements to our customer experience.”
Customers of these offices will receive additional information regarding the impact of the sale in the near future. Terms of the transaction were not announced.
“We are pleased to partner with Bank Mutual, a bank that shares our values, to continue providing excellent service and competitive products to customers in the Kenosha, Racine and Sheboygan communities. We look forward to welcoming these Bank Mutual customers as members of Marine Credit Union and to expanding our impact in these communities,” said Shawn Hanson, Marine Credit Union CEO.
Hanson continued, “As a member-owned credit union, we strive to make life better for those around us: our members, our employees and our communities. This acquisition furthers our growth strategy and aligns with our mission.”
The sale is subject to the filing of appropriate notices with and/or approvals of regulatory agencies. After the sales, Bank Mutual will operate 57 banking locations in Wisconsin, one in Minnesota. In addition, Bank Mutual will have one residential loan production office in the Racine/Kenosha area, as permitted under the terms of the sale to Marine Credit Union.
About Bank Mutual
Bank Mutual is the largest bank headquartered in Milwaukee and the third largest bank headquartered in Wisconsin, with assets at December 31, 2016 of $2.6 billion. The bank was founded in Milwaukee 125 years ago and operates a wide network of bank offices in the state of Wisconsin and one office in Minnesota. Bank Mutual provides personal, business and commercial financial solutions, with a focus on delivering outstanding, memorable customer experiences that are unique and individualized. Learn more at BankMutual.com, Bank Mutual on Facebook, Bank Mutual on Twitter, Bank Mutual on Instagram and Bank Mutual on LinkedIn.
About Marine Credit Union
Marine Credit Union is built upon the strong belief that members are more than a credit score, and we are committed to providing financial services to all members of the community—including those with past financial challenges. We will continue our long-standing tradition of delivering personalized lending solutions to fit our members’ individual needs. Marine Credit Union is a full-service financial institution serving nearly 60,000 members with office locations in Wisconsin, Minnesota and Iowa. For more information, connect with us on Facebook, Twitter and LinkedIn.