Marine CU Receives Approval to Buy Bank Branches
The $731 million Marine Credit Union in La Crosse, Wis., received regulatory approval Wednesday to buy five retail branches from the $2.6 billion Bank Mutual Corp. in Milwaukee.
The credit union’s regulatory approval also included the addition of Walworth County in its field of membership, Marine CU said in a prepared statement.
Although financial terms of the deal were not disclosed, the deposit and loan relationships are $52.6 million and $13.2 million, respectively. Marine will continue to serve about 3,000 bank customers who will become members, increasing the credit union’s membership from 61,609 to more than 64,000.
The acquisition of the branches, located in Kenosha, Racine, and Sheboygan, will be finalized Aug. 25.
The branches will give Marine a local market presence in Kenosha and Racine where it has no branches.