The $8.7 million Lakeside Credit Union of Oak Creek, Wis., has merged with the $1.4 billion Educators Credit Union in Racine, Wis.
This is Educators CU’s second acquisition deal since Jan. 1, 2012, when it merged with the former $11 million Kyle Central Credit Union in South Milwaukee.
Although Lakeside CU’s net worth was 22% in 2012, its loan income dropped from $365,727 in 2009 to $260,669 in 2012, according to NCUA financial performance reports. In the same time period, Lakeside CU’s investment income fell from $34,479 to $11,382, and its fee income decreased from $84,189 to $71,150. What’s more, the credit union’s membership declined from 2,108 in 2011 to 1,778 in 2012, according to data from Callahan and Associates Inc.
The merger became effective this month. Lakeside CU’s Oak Creek branch remains open. The credit union’s five employees are now working for Educators CU, including former president/CEO Wendy Heberling, who is the Oak Creek branch manager.
“Educators’ (115,000) members have been asking for a branch in that area for a while,” said Robert Walleser, senior vice president of branch operations at Educators. “We are happy to welcome the member-owners of Lakeside to the Educators Credit Union family.”