After several months of talks, the $200 million Heritage Credit Union of Madison, Wis., has merged with the $50 million A-B CU of Milwaukee.
The consolidation, effective Jan. 31, was primarily the result of the retirement of A-B's former president/CEO, Frank Pierson, who announced his planned departure last July, according to Anita Rauch, Heritage president/CEO.
"The A-B board decided that rather than look for a new CEO, opted for a merger partner and chose us," said Rauch. The Milwaukee CU had also reported a $2.2 million loss for 2010.
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