Marking its second merger bid in two weeks, the $360 millionConnexus Credit Union of Wausau, Wis. said members of the ailing$45 million Tower CU approved a consolidation offer over theweekend.

Earlier this month the central Wisconsin CU said it would bemerging the $11 million Maple Hill CU, also of Wausau.

“These are economically challenging times for some credit unionsbut these two are a natural fit for us to grow in our community,”explained J. David Christenson, president/CEO of Connexus.

Once both mergers are complete, expected in Marc, Connexus willhave 11 branches and 62,000 members.

Connexus said the addition of Maple Hill and Tower wouldstrengthen its financial literacy programs. Christenson said Towerhas a branch in a high school while Connexus has been makingadvances in that regard at a local technical college.

Founded in 1935 to serve employees of Wausau Insurance Companies, Connexus also counts membership atLiberty Mutual Insurance, the Boston carrier, as well as aWisconsin healthcare firm.

Industry sources said talks between Connexus and Tower have beenongoing for years but more recently came to fruition. Tower posteda $660,000 loss for 2011 following a $575,000 loss a year earlierbut its capital ratio has remained steady.

Following the Feb. 17 merger proposal announced for Maple Hill,Christenson lamented what he called the sad condition of so manysmall CUs opting for mergers since it diminishes the overallindustry message.

Still, asked about the spurt of mutual bank discussions underway, Christenson said any move to convert to a mutual bank is offthe radar for his CU. He also said he doubts many otherWisconsin CUs favor conversion.

“Banks share the same regulatory burden as we do and so theywon't do any better under FDIC,” said Christenson drawing on hisown experience as a Wisconsin savings & loan commissioner inthe late 1990s.