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Badger State-headquartered credit unions continue to be active in the merger and acquisition front as a small credit union in Green Bay, Wis., has been acquired by the $2.4 billion Fox Communities Credit Union.
According to an online statement from the Appleton, Wis.-based Fox Communities, the credit union officially acquired the $26.7 million Schneider Community Credit Union as of May 1.
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The one branch of Schneider Community and its employees has been incorporated into the 21 branches run by Fox Communities.
In a statement, Fox Communities President Chris Allen said, "We are beyond excited to welcome Schneider Community Credit Union to our Fox family."
Allen added that the acquisition would allow for expanded products and services for Schneider Community members. "Both credit unions share a deep understanding of our commitment to members and the communities we serve," he said. "New to the members at SCCU will be an auto-buying program, personal and business lending programs, financial planning tools and services, and even a first-time home buying program. This partnership shows how credit unions continue to work together to improve and expand product and service offerings for all members."
A similar acquisition announcement last month also involved a $2.6 billion Wisconsin credit union. In April, CoVantage Credit Union in Antigo, Wis., announced it had entered into an agreement to buy LincolnWay Community Bank, located more than 300 miles to the south in New Lenox, Ill.
Officials with CoVantage said the credit union and bank boards of directors approved the proposed transaction, which would allow CoVantage to "purchase substantially all of the assets and liabilities" of the $277 million LincolnWay, a wholly-owned subsidiary of LWCBancorp, Inc.
If approved, this deal would also be a first for CoVantage as its field of membership would expand into Illinois. Its current membership total is 141,259, according to the NCUA.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
