Just a day after detailing three new mergers of small Wisconsincredit unions, the $1.7 billion Landmark CU is adding stillanother, the $13 million Peoples CU of Cudahy.

According to its management, the suburban Milwaukee CU holds adistinctive place in the state's CU history retaining one of theoldest charters (1933) as well as veteran CEO.

“This credit union has been my baby for 38 years but I know forthe sake of what the members need it was time we agreed to amerger,” lamented Paul Burkhardt, who has been president thoseyears and may also rank as having the most tenure of any WisconsinCEO.

Burkhardt said Landmark, which during 2011 has been on the fasttrack in searching out small and healthy CUs for mergerpossibilities, came to his board “a few months ago and after somedifficult soul searching we agreed.”

“I've had a love affair with this place and it is hard to giveit up,” said the 66-year-old Burkhardt noting that he realizes heis at retirement age. He joined the CU “with no credit unionexperience.” He had previously owned and operated a gift shop nextdoor to the CU.

The CU with 2,000 members has long been a healthy one with networth at 12.57%.

Burkhardt said his board approved the merger bid with LandmarkNov. 29 with a formal announcement made in Milwaukee newspapersWednesday. The Landmark notice combined Peoples with previousLandmark merger plans for three other CUs, the $22.5 millionAmerican CU of Milwaukee; the $22 million Co-Operative CU of Racine; and the $26.2 million Horizon CU, also of Racine. Previously in2011, Landmark merged the $1 million Brownberry CU of Oconomowocand the $2 million Western States Envelope CU of Butler.

Landmark headquartered in New Berlin, also a Milwaukee suburb,has set Dec. 31 for completing all of its southeast Wisconsinmergers. It expects to integrate all of the computer systems duringthe first and second quarters of 2012.

Burkhardt, like other CEOs of small CUs, said the complianceburden had become overwhelming in recent years. “It's reallypandemic,” he quipped explaining that it covers every facet of theoperation. “It is never ending,” he said concluding, “I can'tunderstand how a business that is basically so simple become socomplicated.”