Marine Credit Union receives regulatory approval to acquire five branches from Bank Mutual
LA CROSSE, WI (August 9, 2017) — Marine Credit Union has received regulatory approval to acquire five Bank Mutual branches through a purchase agreement announced April 2017. The acquisition will take place on August 25, and the branches will open as Marine Credit Union on August 28. The regulatory approval also included the addition of Walworth County, Wis. to Marine’s field of membership.
Approximately 3,000 customers will continue to be served from the following five branches included in the transaction:
1. 6310 Green Bay Road in Kenosha, WI
2. 5133 Douglas Avenue in Racine, WI
3. 3039 S. Green Bay Road in Racine, WI
4. 801 N. 8th Street in Sheboygan, WI
5. 730 N. 9th Street in Sheboygan, WI (drive thru)
Under the terms of the agreement, Marine will acquire $52.6 million in deposits and $13.2 million in loans. Marine also intends to hire the approximately 20 employees who work at the impacted locations. Once the acquisition is complete, Marine will have 33 offices serving more than 60,000 members across Wisconsin, Iowa and Minnesota.
About Marine Credit Union
Marine Credit Union is a full-service, member-owned financial cooperative serving more than 78,000 members across Wisconsin, Iowa, Minnesota and Illinois. Headquartered in La Crosse, Wisconsin, Marine employs more than 400 people, operates 20 locations and holds over $1 billion in assets. Guided by its mission, “to advance the lives of people from a place of financial need to a life of ownership and giving back in our communities,” Marine looks at its members’ individual finances less as a number and more as a journey. The Marine Credit Union Foundation has donated more than $1.3 million to over 950 charitable causes since 2014. Marine earned Great Place to Work™ Certification in 2022 and Juntos Avanzamos designation in 2017 for its commitment to the Hispanic community. For more information, go to www.marinecu.com.