NEW BERLIN, Wis., and DOTHAN, Ala. (3/5/14)--Two credit unions are in the final stages of acquiring bank operations, continuing what might be seen as a recent credit union trend.
Landmark CU, New Berlin, Wis., Monday announced the completion of its planned acquisition of Hartford, Wis.-based Hartford Savings Bank.
With the acquisition, $2.3 billion-asset Landmark CU adds 8,800 new members and $155 million in assets.
Landmark will also assume Hartford Savings Bank branch locations in Hartford, Juneau and Hubertus, Wis., and now serves its members through 32 branches in southeastern Wisconsin. In addition to a wider branch network, former Hartford Savings Bank customers will also have access to a greater range of financial services, James Reichart, Landmark CU vice president of marketing, told News Now.
In another credit union-bank acquisition, Dothan, Ala.-based $255-million Five Star CU's purchase of $21 million asset Flint River National Bank in Camilla, Ga., has been approved by the Alabama Credit Union Administration, pending approval from the National Credit Union Administration (NCUA), Robert A. Steensma, Five Star president/CEO told News Now.
Five Star has also received a field of membership expansion approval, pending NCUA approval, from the Georgia Department of Banking and Finance, to operate in Mitchell County, Ga., where Flint River National Bank is located, Steensma said.
Although Mitchell County is served by four banks, Five Star will be the only credit union offering services in the county, Steensma said. "Unless something changes, we will be the only financial institution in the county that offers free checking," Steensma told News Now.
The deal has been approved by Flint River shareholders, Steensma said.
Three other credit unions have acquired bank operations since 2011. Municipal Employees CU of Baltimore will took over operations of Advance Bank in December (News Now Dec. 4). GFA FCU, Gardner, Mass., acquired Monadnock Community Bank in December 2012. United FCU, based in St. Joseph, Mich., purchased Griffith (Ind.) Savings Bank in December 2011.