During a closed meeting last week, the NCUA Board unanimously approved Landmark Credit Union’s acquisition of Hartford Savings Bank, subject to approval from the FDIC, according to a Board Action Bulletin posted this week on the NCUA’s website.
The $2.1 billion New Berlin, Wis.-based credit union announced in September its plan to buy the $190 million, state-chartered mutual savings bank in Hartford, Wis.
Landmark has completed 10 credit union mergers in the past three years. This is its first acquisition of a bank.
The NCUA and Landmark CEO/President Jerry Magulski declined to comment on the NCUA’s approval.
David Barr, a spokesperson for the FDIC in Washington, said Landmark’s application is pending. He also said the agency has not yet acted and would not estimate on when the FDIC is expected to act on whether to approve or reject the credit union’s application.
Hartford Savings Bank has approximately 10,000 customers with branch locations in Hartford, Juneau and Hubertus. Landmark CU has 209,011 members.
Terms of the purchase agreement were not disclosed.
Landmark CU is the third credit union to purchase a bank in the past 14 months. In January 2012, the $1.5 billion United Federal Credit Union in St. Joseph, Mich., completed its takeover of Griffith Savings Bank of Griffith, Ind. In June, the buyout of a New Hampshire savings bank, Monadnock Community Bank, by the $352 million GFA Federal Credit Union of Gardner, Mass., was approved by regulators.