Credit unions' collaborative ethos sometimes manifests inunusual ways, as it has recently for two central Wisconsin creditunions.

Prospera Credit Union, a $180 million community institutionbased in Appleton, on Tuesday formerly entered into a 60-dayagreement to provide management services to the $25 million UWOshkosh Credit Union, which primarily serves faculty, students,staff and alumni of the University of Wisconsin-Oshkosh.

A change in leadership and the sudden resignation of former UWOshkosh CU President/CEO Scott Chicoine in mid-May created both aneed and an opportunity for Prospera, accordingto credit union president/CEO Sheila Schinke (pictured on thefollowing page).

“Due to the management change, Prospera was asked to provideday-to-day management of the credit union,” Schinke said. “The UW Oshkosh Credit Union board is providing the direction andwe're making sure the direction is followed.”

UW Oshkosh CU employs four full-time and four part-timeemployees, has about 2,500 members and operates out of a singleoffice at the edge of the UW-Oshkosh campus. Prospera, which serves18,000 members in seven central Wisconsin counties from four branchoffices, will provide oversight and guidance of the smaller creditunion's HR, accounting, IT and lending functions.

When Prospera heard about UW Oshkosh CU's loss of its chief executive, Schinke said shecontacted the Wisconsin Department of Financial Institutions inMadison to offer assistance. Schinke was not aware of any financialissues facing the credit union prior to contacting the DFI, shesaid.

“As a credit union, we believe in the collaborative nature ofthe industry and that we could help out,” Schinke said. “The DFIcontacted us to see if we would offer some managementassistance.”

The DFI declined further comment regarding the businessarrangement or UW Oshkosh CU's financial condition, according toDFI spokesman George Althoff.

“Other than to confirm that UW Oshkosh CU has a managementagreement with Prospera CU, we would have no other comment on thematter,” Althoff responded via email.

Read more: UW Oshkosh CU faces competition fromUniversity of Wisconsin CU …

UW Oshkosh CU plans to fill the leadership position leftby Chicoine, a 1986 UW Oshkosh graduate who headed the 49-year-oldcredit union since 1999, according to Chairman Rick Van Drisse.

“Our plan is to move forward and to hire a new president andCEO, and we hope to have one in place in early September,” VanDrisse, a building and grounds mechanical supervisor in theuniversity's facilities management department, said.

“I am not going to say anything more about Scott Chicoine'sresignation,” Van Drisse added. “This matter is very confidentialand there are things behind it so I am not going to say anythingthat will get anyone in trouble.”

Efforts to reach Chicoine for clarification through varioussocial media outlets yielded no response.

In addition to local financial institutions, UW Oshkosh CU facesstiff competition from the $1.9 billion University of WisconsinCredit Union, which is based in Madison and serves the UW systemstatewide through 22 branches, including one on the UW Oshkoshcampus. In fact, several years ago, a former branch in ReeveMemorial Union on the Oshkosh campus was taken over by UWCU, whomade a higher bid for the space, Van Drisse explained.

UW Oshkosh is the only school in the University of Wisconsinsystem that has its own credit union and directly competes withUWCU. Despite that, Van Drisse maintained that UW Oshkosh CU isfinancially strong and benefits from strong member loyalty. It alsowants to maintain its independence, the chairman added.

“We're member friendly and we want to preserve the small-townfeeling of a small credit union at all costs,” Van Drisse said.“Our members love the small town atmosphere.”

The credit union also appreciates that Prospera stepped in tohelp them while they conduct their executive search, Van Drisseadded.

“Prospera has been a great help and is very professional,” headded. “We're very pleased with their services so far.”