Wisconsin Credit Union Buys Local Bank's Assets From Closed Branch
The $357 million Westby Co-Op Credit Union of Westby, Wis., signed an agreement Thursday with Citizens Community Federal Bank to buy its Wal-Mart Superstore branch deposit and loan assets in Wisconsin Dells.
Financial terms of the deposit and loan assumption agreement were not disclosed. The transaction is contingent on bank regulatory approvals.
"This asset acquisition enables us to serve new customers in our core market, and we plan to work closely with Citizens to provide a smooth transition and continued outstanding support for these customers,” Kevin R. Hauser, president/CEO of Westby Co-Op CU, said in a prepared statement.
Westby Co-Op CU serves nearly 25,000 members throughout south-central Wisconsin.
Citizens Community Federal Bank said it plans to close two other Wal-Mart Superstore banking offices in Shawano and Black River Falls, Wis., in an effort to focus on its “most productive markets.”