LA CROSSE, Wis.—Marine Credit Union announced that it has agreed to acquire 10 banking centers throughout Wisconsin from Evansville, Ind.-based Old National Bank, a wholly-owned subsidiary of Old National Bancorp.
The purchase includes $274 million in deposits. The branches to be acquired are located in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley. The purchase is expected to close in the third quarter of 2018, subject to regulatory approvals, the credit union stated.
“We are pleased to partner with Old National, a bank that shares our values, to continue providing excellent service and competitive products to customers in these communities throughout Wisconsin,” said Shawn Hanson, Marine Credit Union CEO. “As a mission-focused credit union, we strive to make life better for those around us: our members, our employees and our communities. This acquisition furthers our growth strategy and aligns with our mission. We look forward to welcoming our new employees and new customers as members of Marine Credit Union.”
The buy continues the recent trend of credit unions buying “pods” of bank branches, a trend reported by CUToday.info last year. It is also Marine Bank’s second purchase of a group of bank branches. Last year the CU agreed to buy five retail branch offices from $2.6-billion Bank Mutual Corporation, based in Milwaukee.
“Marine Credit Union is a strong client—and community—focused organization, and we are confident that our transitioning associates will do a great job of continuing to serve the needs of their clients and communities as members of the Marine team,” said Old National Region CEO Len Devaisher.
Terms of the transaction were not announced.
“I am seeing an sharp uptick in bank branch deals, and I expect to see more of these soon. A transaction of this nature, due to the amount of branches and deposits, is the equivalent to a whole-bank purchase," said Michael Bell, attorney and counselor Royal-Oak, Mich.-based Howard & Howard, who is representing Marine CU. Bell has been part of 22 CU/bank deals, including three mergers of a bank into a credit union.