Marine Credit Union Receives Regulatory Approval to Acquire Five Branches from Bank Mutual
LA CROSSE, Wis., Aug. 9, 2017—Marine Credit Union has received regulatory approval to acquire five Bank Mutual branches through a purchase agreement announced April 2017. The acquisition will take place on August 25, and the branches will open as Marine Credit Union on August 28. The regulatory approval also included the addition of Walworth County, Wis. to Marine’s field of membership.
Approximately 3,000 customers will continue to be served from the following five branches included in the transaction:
- 6310 Green Bay Road in Kenosha, WI
- 5133 Douglas Avenue in Racine, WI
- 3039 S. Green Bay Road in Racine, WI
- 801 N. 8th Street in Sheboygan, WI
- 730 N. 9th Street in Sheboygan, WI (drive thru)
Under the terms of the agreement, Marine will acquire $52.6 million in deposits and $13.2 million in loans. Marine also intends to hire the approximately 20 employees who work at the impacted locations. Once the acquisition is complete, Marine will have 33 offices serving more than 60,000 members across Wisconsin, Iowa and Minnesota.
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. Marine 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, YouTube and LinkedIn.