The $8.7 million Lakeside Credit Union of Oak Creek, Wis., has merged with the $1.4 billion Educators Credit Union in Racine, Wis.
This is Educators CU's second acquisition deal since Jan. 1, 2012, when it merged with the former $11 million Kyle Central Credit Union in South Milwaukee.
Although Lakeside CU's net worth was 22% in 2012, its loan income dropped from $365,727 in 2009 to $260,669 in 2012, according to NCUA financial performance reports. In the same time period, Lakeside CU's investment income fell from $34,479 to $11,382, and its fee income decreased from $84,189 to $71,150. What's more, the credit union's membership declined from 2,108 in 2011 to 1,778 in 2012, according to data from Callahan and Associates Inc.
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The merger became effective this month. Lakeside CU's Oak Creek branch remains open. The credit union's five employees are now working for Educators CU, including former president/CEO Wendy Heberling, who is the Oak Creek branch manager.
"Educators' (115,000) members have been asking for a branch in that area for a while," said Robert Walleser, senior vice president of branch operations at Educators. "We are happy to welcome the member-owners of Lakeside to the Educators Credit Union family."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
