The $200 million Heritage Credit Union of Madison, Wis., has merged the $50 million A-B CU of Milwaukee. The merger, which has been in the works for several months, was effective Jan. 31, Heritage said.
The consolidation was primarily the result of the retirement of A-B's former president/CEO, Frank Pierson, who announced his planned departure last July.
"The A-B Board decided that rather than look for a new CEO it would opt for a merger partner and chose us," said Anita Rauch, president/CEO of Heritage. This is the first merger for Heritage in decades "and after we complete this merger we would consider the potential of other mergers," Rauch said.
Heritage Credit Union was chartered in 1934 to serve the employees of Oscar Mayer & Co. It has branches in Madison, Milwaukee, Sauk City, Prairie du Sac, Chetek and Ladysmith, Wis., plus facilities in Rockford and Galesburg, Ill.
A-B had one office and served employees of the old Allen-Bradley Corp., which has since merged into Rockwell Corp.