New Berlin-based Landmark Credit Union announced it is merging with four smaller credit unions in southeastern Wisconsin.
The smaller credit unions to be merged beneath the Landmark umbrella are:
American Credit Union, 3280 S. Clement Ave. on the south side of Milwaukee. The credit union currently serves 3,986 members and has accumulated assets of more than $22.5 million.
People’s Credit Union, 4801 S. Packard Ave. in Cudahy. The credit union serves 1,963 members and has $13.2 million in assets.
Co-operative Credit Union, 6219 Washington Ave. in Racine and 473 Milwaukee Ave. in Burlington. The credit union serves 4,450 members and has assets of more than $22 million.
Horizon Credit Union, 1931 Grove Ave. in Racine. The credit union serves 3,729 members and has assets of more than $26.2 million.
The target date for all the mergers is Dec. 31, with the merging of their member accounts into Landmark’s computer system in the first and second quarters of 2012.
Approval by the Office of Credit Unions has been received for the Co-Operative and American mergers and is pending for the Horizon and People’s mergers. Approval votes by their members have been completed at Co-Operative and American, and are pending at Horizon and People’s Credit Unions. All employees of the four credit unions will be offered jobs at Landmark.
“We welcome the members and employees of these four fine credit unions into the Landmark family,” said Jay Magulski, president of Landmark Credit Union. “We are pleased to offer the members an expanded list of products, services and locations – and we are happy to offer a wide range of employment opportunities to their employees. The new branches these credit unions bring will also help us serve current Landmark members living near their locations.”
“It’s a way to grow, and it was part of our strategic plan to try to cover more of our nine-county charter,” said Pat Ransom, vice president of marketing at Landmark Credit Union.
Landmark reached out to credit unions in markets it was interested in covering and received a tremendous response, she said.
“None of them are in trouble,” Ransom said. “They all just came to fruition at once.”
The mergers will bring Landmark to $1.8 billion in assets and 25 locations.
