Connexus Gains Two Wis. CUs
The $360 million Connexus Credit Union is carving out a special merger path in its central Wisconsin hometown by consolidating two of its smaller competitors.
Connexus President/CEO J. David Christenson maintains that the takeover of the $45 million Tower CU and the $11 million Maple Hill CU will help spur member growth and enhance the product line. And he has empathy for smaller peers who find themselves struggling to turn a profit against tough odds.
Founded in 1935 to serve employees of Wausau Insurance Companies, Connexus also counts membership among Liberty Mutual Insurance, the Boston carrier, as well as a Wisconsin health care firm under an SEG structure.
Of the two CUs being merged, Tower has suffered the most. It posted a $660,000 loss for 2011 following a $575,000 loss a year earlier, but its capital ratio has remained steady.