LA CROSSE, Wis.—Marine Credit Union is reporting it has completed the acquisition of five branches from Bank Mutual in Kenosha, Racine and Sheboygan, Wis.
The branches are now open as Marine Credit Union after the sale closed on Friday, Aug. 25, and the integration completed over the weekend.
Marine acquired approximately $50 million in deposits and $13 million in loans through the sale. The credit union has not revealed what it paid to acquire the branches.
“Marine’s acquisition of the Bank Mutual branches aligns with our growth strategy. It will allow us to deliver value to new markets and serve more members who need our help,” said Shawn Hanson, CEO of Marine Credit Union, in a statement.
Prior to the acquisition, the $731-million Marine CU had 61,000 members.