The $689 million Marine Credit Union in La Crosse, Wis., signed an agreementTuesday to buy five retail branches of the $2.6 billion Bank MutualCorp. in Milwaukee.

Although financial terms of the deal were not disclosed, thedeposit and loan relationships are $52.6 million and $13.2 million,respectively. Marine will continue to serve about 3,000 bankcustomers who will become members, increasing the credit union'smembership from 60,302 to more than 63,000.

The proposed sale, which is expected to close in the thirdquarter pending regulatory approvals, includes one branch inKenosha, two branches in Racine, and two branches in Sheboygan.

The acquisition of the bank branches will help Marine continueits growth strategy and give it a local market presence in Kenoshaand Racine where it has no branches. Currently, the credit unionoperates 14 branches and seven loan production offices inWisconsin, according to its website.

David Baumgarten, president/CEO of Bank Mutual, said the sale ofthe branches will enable the bank to continue to improve itsefficiency and allow it to reinvest in financial tools andtechnology to meet customer expectations.

Since 2011, Marine has opened nine new offices in the last 12months, including four in Iowa. The credit union also operates abranch and loan production office in Minnesota. The Wisconsincooperative also has grown its workforce from 277 in 2011 to 423today.

2016 marked the credit union's sixth consecutive year for recordgrowth, income and service. It ended last year in the top 5% ofcredit unions nationwide, exceeding other credit unions in assetgrowth, loan growth and profitability, and nearly doubling itscapital growth, according to Marine.

“Our growth is a product of a consistent commitment to a clearstrategy. We are particularly focused on 'serving the underserved'– providing solutions to the people who are turned away by otherfinancial institutions,” Marine President/CEO Shawn Hanson said ina prepared statement last month that announced the credit union'sgrowth milestones.

In regard to the bank branch acquisition, Hanson said Marine islooking forward to providing financial services to all members ofthe Kenosha, Racine and Sheboygan communities, including those withpast financial challenges.

Hanson joined Marine after its merger with Advantage CreditUnion in La Crosse, Wis., in 2006. As the former CEO of Advantage,he led the two organizations through large mergers. Since then, hehas grown Marine by more than 130%, including the completion offour more mergers, the creation of more than 200 jobs and anexpansion into the Milwaukee, Fox Cities, Eau Claire, Wis., DesMoines, Iowa and Quad Cities markets.