WAUSSAU, Wis.–Two Wisconsin credit unions have announce plans to combine in a merger that, if approved, would create a CU of approximately $4.2 billion in assets.
The $3.72-billion Connexus Credit Union and the $457.4-million Heritage CU in DeForest, Wis. are seeking to combine pending a vote by HCU members on Jan. 3, 2022.
The merged credit union would have approximately 420,000 members and offer an “enhanced experience by bringing together best practices of both credit unions, including optimizing and expanding member convenience through online and mobile services, call center, branch, and ATM locations, as well as diversification of product and service offerings.”
Connexus Credit Union would be the surviving name and brand.
Disclosure forms required by NCUA related to the merger that outline any plans for distribution of net worth or merger-related compensation to senior management had not yet been filed with the agency as of this reporting.
Heritage CU reported net income of $3.23 million and net worth of 11.18% as of Sept. 30. Connexus reported net income of $61 million and net worth of 9.73%.
‘Good For All’
“The Heritage Credit Union Board of Directors insisted that the merger be good for all stakeholders: our members, our employees, and the communities we serve. It became clear through our due diligence process that the merger would indeed benefit all stakeholders,” said Anita Rauch, president/CEO of Heritage Credit Union. “We are confident that Connexus Credit Union is the best partner for us. By joining forces, we will be able to offer products, services, and conveniences that we could not offer on our own.”
‘Similar Values, Culture’
Added Boyd Gustke, president and CEO of Connexus, “I am honored and excited to welcome Heritage members and employees to Connexus through this merger. Connexus and Heritage share similar values and culture, making this a merger that truly benefits our current and future member-owners, employees, and the communities we support. This merger also demonstrates our combined commitment to finding optimal pathways to better advocate for our members, new ways to give back and invest in our communities, and allows us to continue making a positive impact in the lives of all those we serve.”