SUPERIOR, Wis.–Two Wisconsin credit unions have announced plans to merge.
The $624.2-million Superior Choice Credit Union and the $102.4-million Hayward Community Credit Union (HCCU) said they are seeking to merge, pending a vote by HCCU members.
Hayward Community CU describes itself as, “Unbelievably, undeniably, the best Un-bank in town.”
“The merged credit union will offer its combined 37,000+ members 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, updated branches and ATM locations, as well as diversification of product and service offerings,” the credit unions said in a statement.
The credit unions said they are partnering for the right reasons.
“It became clear through our due diligence process that the merger would indeed benefit all stakeholders. We are confident that Superior Choice Credit Union is the best partner for us. By joining forces, we will be able to offer more to our members while remaining committed to our community.” said Rob Frenchick, HCCU board chairman, in a statement.
‘Combined Commitment’
Added Tim Foster, president and CEO of Superior Choice Credit Union, “We are honored and excited to welcome HCCU members and employees to SCCU through this merger. Hayward and Superior Choice share similar values, 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.”
Both CUs Profitable
Hayward Community Credit Union has just over 7,500 members and reported $38,721 in net income for the first half of the year, with capital of 8.69%. Superior CU reported $1.6-million in net income over the first two quarters, with capital at 10.48%.
Hayward Community CU has not yet filed its disclosure forms to members related to the merger with NCUA.
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