After several months of talks, the $200 million Heritage Credit Union of Madison, Wis., has merged with the $50 million A-B CU of Milwaukee.
The consolidation, effective Jan. 31, was primarily the result of the retirement of A-B's former president/CEO, Frank Pierson, who announced his planned departure last July, according to Anita Rauch, Heritage president/CEO.
"The A-B board decided that rather than look for a new CEO, opted for a merger partner and chose us," said Rauch. The Milwaukee CU had also reported a $2.2 million loss for 2010.
This is the first merger for Heritage in decades, noted Rauch, adding that her Madison CU may be open to further mergers.
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.