The $2 billion Landmark Credit Union of New Berlin, Wis., announced Tuesday it has filed applications with federal and state regulators to buy the $190 million Hartford Savings Bank, a state-chartered mutual savings bank in Hartford, Wis.
Landmark CU is the third credit union to make such a move this in the past year. In January, the $1.5 billion United Federal Credit Union in St. Joseph, Mich., completed its takeover of Griffith Savings Bank of Griffith, Ind. In June, the buyout of a New Hampshire savings bank, Monadnock Community Bank, by the $352 million GFA Federal Credit Union of Gardner, Mass., was approved by regulators.
Although Landmark has completed 10 credit union mergers in the past three years, this is its first acquisition of a bank. Pending regulatory approvals, the buyout is expected to close by the end of 2012, the credit union said in its announcement.
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