JANESVILLE, Wis.–Parker Community Credit Union said it will absorb via merger Beloit-based Municipal Credit Union.
A joint letter of intent to merge has been signed by both CU’s boards.
The $97-million Parker Community will be adding the $17-million Municipal CU as well as its members, which consists largely of city of Beloit employees and Beloit Health System employees.
The merger still awaits approval by the Wisconsin Division of Financial Institutions, the National Credit Union Administration and a majority vote by Municipal Credit Union.
Municipal's CEO, Susan L. Carpenter, would remain branch manager, and all current staff would remain the same, according to the credit unions.