UW Oshkosh CU employs four full-time and four part-time employees, has about 2,500 members and operates out of a single office at the edge of the UW-Oshkosh campus. Prospera, which serves 18,000 members in seven central Wisconsin counties from four branch offices, will provide oversight and guidance of the smaller credit union's HR, accounting, IT and lending functions.

When Prospera heard about UW Oshkosh CU's loss of its chief executive, Schinke said she contacted the Wisconsin Department of Financial Institutions in Madison to offer assistance. Schinke was not aware of any financial issues facing the credit union prior to contacting the DFI, she said.

“As a credit union, we believe in the collaborative nature of the industry and that we could help out,” Schinke said. “The DFI contacted us to see if we would offer some management assistance.”

The DFI declined further comment regarding the business arrangement or UW Oshkosh CU's financial condition, according to DFI spokesman George Althoff.

“Other than to confirm that UW Oshkosh CU has a management agreement with Prospera CU, we would have no other comment on the matter,” Althoff responded via email.

Read more: UW Oshkosh CU faces competition from University of Wisconsin CU …

UW Oshkosh CU plans to fill the leadership position left by Chicoine, a 1986 UW Oshkosh graduate who headed the 49-year-old credit union since 1999, according to Chairman Rick Van Drisse.

“Our plan is to move forward and to hire a new president and CEO, and we hope to have one in place in early September,” Van Drisse, a building and grounds mechanical supervisor in the university's facilities management department, said.

“I am not going to say anything more about Scott Chicoine's resignation,” Van Drisse added. “This matter is very confidential and there are things behind it so I am not going to say anything that will get anyone in trouble.”

Efforts to reach Chicoine for clarification through various social media outlets yielded no response.

In addition to local financial institutions, UW Oshkosh CU faces stiff competition from the $1.9 billion University of Wisconsin Credit Union, which is based in Madison and serves the UW system statewide through 22 branches, including one on the UW Oshkosh campus. In fact, several years ago, a former branch in Reeve Memorial Union on the Oshkosh campus was taken over by UWCU, who made a higher bid for the space, Van Drisse explained.

UW Oshkosh is the only school in the University of Wisconsin system that has its own credit union and directly competes with UWCU. Despite that, Van Drisse maintained that UW Oshkosh CU is financially strong and benefits from strong member loyalty. It also wants to maintain its independence, the chairman added.

“We're member friendly and we want to preserve the small-town feeling of a small credit union at all costs,” Van Drisse said. “Our members love the small town atmosphere.”

The credit union also appreciates that Prospera stepped in to help them while they conduct their executive search, Van Drisse added.

“Prospera has been a great help and is very professional,” he added. “We're very pleased with their services so far.”