SHEBOYGAN, Wis.–Two Wisconsin credit unions said they will seek to merge.
The $617-million Kohler Credit Union in Sheboygan and the $117.4-million Shipbuilders Credit Union in Manitowoc said their boards have agreed to the combination, which will now need to be put to a vote of the approximately 10,500 members of Shipbuilders CU.
Kohler Credit Union posted $3 million in net income last year, with net worth of 8.22%. Shipbuilders Credit Union had $836,599 in net income in 2023, with capital of 14.44%. Kohler CU would be the surviving brand.
‘Organically’ Driven
“As our journey unfolds, the merger of Kohler Credit Union and Shipbuilders Credit Union emerged organically, driven by the presence of our existing branch and a compelling opportunity for growth,” Kohler Credit Union President and CEO Tony Klockow said in a released statement. “The union symbolizes the convergence of strengths and shared visions. Together, we are shaping a more robust credit union that promises significant opportunities for our members, communities and dedicated employees.”
What’s ‘Paramount’
Added Shipbuilders Credit Union Interim President and CEO, Mike Steimle, “Ensuring the financial well-being of our members remains paramount as we navigate through this transition.”
If the merger is approved, the combined CU would have more than 53,000 members.
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