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The $457 million Heritage Credit Union in Deforest, Wis., said Thursday it intends to merge with the $3.7 billion Connexus Credit Union in Wausau, Wis.
If approved by Heritage members, it would lift Connexus to becoming the fifth largest credit union in Wisconsin with more than $4.1 billion in assets. Connexus also would serve the largest membership of more than 420,000. Wisconsin's largest credit union by assets, the $5.7 billion Landmark Credit Union, currently serves the largest membership of 370,258 in that state, according to the NCUA.
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The boards of directors of both credit unions approved a resolution to pursue the merger in September, Heather Ristow, chief operator officer for Heritage CU said.
Heritage CU members are scheduled to vote on whether to approve the proposed merger with Connexus on Jan. 3, according to the credit union's joint statement.
Ristow said a mailing about the special meeting will be sent to Heritage members on Nov. 19. On or before that date, she said, Heritage CU's required documents will be posted on the NCUA's Credit Union Merger Resources page, which lists consolidations and allow members to post their comments on their proposed merger and view documents that contain additional details about it.
"We are confident that Connexus Credit Union is the best partner for us," Heritage CU President/CEO Anita Rauch said in a prepared statement. "By joining forces, we will be able to offer products, services, and conveniences that we could not offer on our own."
Rauch has served as Heritage CEO since 1982, according to her LinkedIn profile page.
After the merger is completed, Rauch will retire, Ristow said.
Boyd Gustke, president/CEO of Connexus CU, said in a prepared statement that both credit unions share similar values and culture, "making this a merger that truly benefits our current and future member-owners, employees, and the communities we support."
Gustke joined Connexus in 2005 as chief lending officer and was promoted to COO in 2009. In May 2020, he was appointed president/CEO, according to his LinkedIn profile page.
Gustke will continue as CEO of the combined organization.
If approved by Heritage members, the combined credit union would operate under the Connexus brand name and expand member convenience through online and mobile services, call center, branch and ATM locations, as well as a diversification of product and services offerings, the credit unions said in a prepared statement.
Post merger, one Heritage CU board member will continue serving on the Connexus board, Ristow said.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
