The $2 billion Landmark Credit Union of New Berlin, Wis., 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.
Hartford Savings Bank has approximately 10,000 customers with branch locations in Hartford, Juneau and Hubertus. Landmark CU has approximately 192,400 members.
Terms of the purchase agreement were not disclosed.
"Our institutions are strikingly similar in our mutual memberships, shared beliefs in excellent customer service and focus on employee satisfaction and community involvement," said Landmark CEO Ron Kase.
"In addition, our broader offering of products and services will bring a variety of benefits to the area. We're a leading mortgage lender in Waukesha and Milwaukee counties and the largest auto lender in southeastern Wisconsin, so we're looking forward to meeting the lending, saving and investment needs of the bank's current customers and all residents of Dodge and Washington counties," Kase said.
Landmark CU said it intends to keep all three branch locations and add Hartford Savings Bank's 40 employees to its staff. Although the bank's chairman/CEO, Ken Braun, had previously planned to retire in January 2013, he will stay on a community board of directors that will be established as part of the acquisition, the credit union said.
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