When it comes to branch expansion, the $1.4 billion UW Credit Union of Madison, Wis. is hardly averse to makeovers.
Last month the Wisconsin credit union opened its fourth Milwaukee-area branch in Waukesha, its 20th in the state, on the site of an old Equitable Bank building. Two years ago the bank took over a like-new vacant Amcore Bank branch in suburban Wauwatosa prior to last December's failure of the Illinois based bank.
And in April 2013 UWCU intends to open a new branch in West Allis on the site of a former Blockbuster video store. Last year it opened another branch in a Borders book shop prior to the chain's closing.
Brad McClain, chief financial officer, said UWCU seeks “to take advantage of strategic opportunities when they arise” which has been the case for its latest string of new branches.
In some instances, he said, “we were approached by brokers.” Unlike several other credit unions, UWCU, he said, does not necessarily scour FDIC lists of surplus property for potential sites.
Overall, McClain said, UWCU is managing to expand its Wisconsin footprint, growing branches at a faster rate than before.
“We used to do one or two but lately we have opened three or four during a year's time,” he said.
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