Four small Milwaukee credit unions, several victims of loan losses, net worth problems or in some cases the fallout from the March bankruptcy of Central States Mortgage Co, a CUSO, are being merged into the $1.4 billion Landmark CU of New Berlin, the state’s second largest.
The five employee, $15 million WISCOR CU of West Allis was the latest to be merged, effective June 30, but formally announced the merger Tuesday.
The other three, two also in West Allis and the third in Elm Grove include Liftime, Allco and First Security of Elm Grove. The combined assets total $125 million, said Ron Kase, president/CEO of Landmark, noting the mergers were approved by members and regulators “with notices posted in newsletters” over the last three months.
They are being announced piecemeal “about one a month through year-end” to avoid confusion over computer conversions, said a Landmark spokeswoman.
At least three have suffered from the corporate stabilization expense and experienced various losses, some of it tied to Central States or to CU Fleet, another CU-linked firm that had financial troubles, said Landmark.