Set to complete its sixth merger of small credit unions in 2011, Milwaukee’s Landmark CU reaffirmed its commitment Wednesday to expand in new markets and “where there is a fit” it would opt for the merger route.
Its latest consolidation bid, subject to Dec. 13 member approval, involves the $26 million Horizon CU of Racine. Earlier the $1.7 billion Landmark, headquartered in New Berlin, a Milwaukee suburb, won approval to merge the $22 million Co-operative CU of Burlington and the $23 million American CU of Milwaukee.
In the fall the CU received member and regulatory approval to merge the $1 million Brownberry CU of Oconomowoc, Wis. And in June it merged the $2 million Western States Envelope CU of Butler, Wis.
“All of these credit unions are healthy and have chosen us as partners based on various reasons,” explained Pat Ransom, vice president of marketing. The reasons have ranged from management succession issues to a desire to broaden product technology, said Ransom.
The mergers are benefitting Landmark in providing new branch sites in key southern Wisconsin markets where Landmark lacks coverage.
To that end, Landmark may end up talking to other CUs in the region particularly in “Kenosha, Walworth and Jefferson counties” regarding merger prospects, said Ransom.
Horizon has 3,700 members and is in an area of Racine “that is attractive to Landmark.”
The latest merger bids would give Landmark four new branches bringing its statewide total to 23.
Once approved, the Horizon consolidation would also provide entry into northern Illinois counties where Horizon has members, said Ransom, stressing there are no current plans to expand in its neighbor state.