SUPERIOR, Wis.—The Wisconsin Department of Financial Institutions' Office of Credit Unions has approved the purchase and assumption of Dairyland State Bank by $417-million Superior Choice Credit Union here. The news was first reported by Keith Leggett, the former senior vice president and senior economist at the ABA.
CUToday.info reported the deal earlier this year, noting in February that the transaction was waiting on state and federal regulatory approval.
The depositors and borrowers of Dairyland State Bank, based in Bruce, Wis., will become members of Superior Choice Credit Union. The credit union will also purchase and assume the $79.8 million bank's five branches.
According to its most recent Call Report, Superior Choice Credit Union has $417.5 million in assets.
The transaction is expected to close on August 31, 2018, Leggett said.