The $1.3 billion Advia Credit Union of Parchment, Mich., ismaking its second Wisconsin bank purchase within six months.

Advia CU announced earlier this week that it signed a definitiveagreement to buy the $232 million Peoples Bank in Elkhorn, Wis.

Financial terms of the deal were not disclosed.

On Aug. 1, the credit union completed its acquisition of the $82million Mid America Bank in Janesville, Wis. Advia gained four Mid America Bank branches in south centralWisconsin and more than 3,000 of the former bank'scustomers. The credit union's field of membership also expanded byeight counties.

The Peoples Bank purchase would double Advia's branch network inWisconsin and expand it in the southeastern part of the state. Theacquisition would also more than double the potential number of newmembers in the Badger State. Peoples Bank serves an estimated 7,800customers.

Established in 2001, Peoples Bank posted total deposits of $196million and a year-to-date net income of $1.4 million at the end ofthe third quarter, according to the FDIC. The bank's ROA was0.85% and ROE was 8.04%.

During 2000, Peoples Bank organizers, all area businessprofessionals with strong ties to the local community, raised morethan $7 million in capital and opened an office and branch inElkhorn during the first quarter of 2001. Later, the bank opened asecond location in Elkhorn and two additional branches in SilverLake and Burlington.

In addition to is consumer clients, Peoples Bank maintainsrelationships with commercial, agricultural, municipal andon-profit customers, Tom Oehler, president/CEO of Peoples Bank,said.

Peoples Bank employs more than 60 staff members.

Advia expects to finalize the bank acquisition by the thirdquarter if it is approved by state and federal regulators and bankshareholders.

The credit union also operates one branch in Illinois and 18branches throughout eastern and southeastern Michigan.

This is the first publicly announced credit union purchase of abank in 2017.

In addition to Advia's acquisition of Mid America Bank, therewere three acquisitions announced last year.

In November, the $946 million IBM Southeast Employees Credit Union in Delray Beach, Fla.,filed applications with state and federal regulators, including theNCUA, to secure approvals to buy the $109 million Mackinac SavingsBank in Boynton Beach.

In addition, the $588 million FamilySecurity Credit Union in Decatur, Ala., announced plans to buythe $24.4 million Bank of Pine Hill in Pine Hill, Ala., in August.And in the same month, the $1.9 billion Royal Credit Union in EauClaire, Wis., completed its purchase of the $35 million CapitalBank in St. Paul, Minn.