The $220 million Heritage Credit Union of Madison, Wis., is merging with a smaller peer, the $5.6 million Truax Credit Union, after the Truax board selected Heritage as a partner, it was announced this week.
In a statement, Anita Rauch, president of Heritage, said the merger was formally made effective June 30.
“Since opening in 1956, Truax Credit Union has offered financial services to members though a branch conveniently located at the Dane County Regional Airport and serves military employees,” said Rauch.
Following computer conversion, Heritage Credit Union will serve 26,500 members at nine branches in southern Wisconsin and Illinois. Heritage Credit Union was established in 1934 to serve the employees of Oscar Mayer & Co.