LA CROSSE, Wis.—Marine Credit Union is reporting it has received regulatory approval to acquire five Bank Mutual branches through a purchase agreement it announced in April.
As CUToday.info reported here, Marine Credit Union is buying the five retail branch offices from the $2.6-billion Bank Mutual Corp., based in Milwaukee. The agreement includes the $690-million CU buying $52.6 million in deposits and $13.2 million in loans associated with the locations. Exact terms and price of the transaction have not been disclosed.
The acquisition will take place on August 25, and the branches will open as Marine Credit Union on August 28, the credit union said. 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:
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.