The merger trend took center stage last week with a trio of Milwaukee area credit unions, all affected by February's collapse of Central States Mortgage Co., opting to look for merger partners.
The three are the $31 million LifeTime CU and the $53 million Allco, both of West Allis, and the $32 million First Security CU of Elm Grove. All three were among the 25 Illinois and Wisconsin CUs invested in Central States; the Wauwatosa, Wis., CUSO lost large sums on faulty subprime mortgage pools and ended up in a Milwaukee bankruptcy court and subsequently was liquidated this spring.
LifeTime, which lost $2 million in the first quarter on Central States write-downs, has already chosen $1.3 billion Landmark CU of New Berlin, Wis., as its merger partner. The merger is expected to be effective June 30.
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