The $312 million Connexus Credit Union of Wausau, Wis. announced Monday it expects to complete the merger of the $3 million Wausau City Employees CU by June 1.
According to David Christenson, president/CEO of Connexus, the consolidation, which has been in discussion since last December, does indeed underscore the ongoing compliance concerns of small CUs in Wisconsin and elsewhere.
"Wausau City broke even last year but has a CEO who wanted to retire and felt the tough burden of meeting so many new regulations was just something she did not want to do any longer," explained Christenson.
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Wausau City has been among a group of five small central Wisconsin CUs serviced by Connexus on mortgage products and other offerings "so we have a long standing relationship" with the CU.
Connexus has no desire, he said, to merge any of the other client CUs but "stands ready to help as we have done all along," a function shared by a number of other medium size CUs in Wisconsin.
Christenson said many small CUs like Wausau City struggle today with mounting costs in complying with a raft of new regulations ranging from the Fed's new rules on Regulation Z, Regulation E courtesy pay, and OFACS among others.
Retiring as president/CEO of Wausau City is Judy Westphal.
Founded in 1961 to serve employees of the City of Wausau and their families, WCECU
currently has 820 members. The merger proposal was formally approved by WCECU members at its annual meeting last Thursday.
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