Landmark Credit Union may buy Hartford Savings Bank in Wisconsin, the National Credit Union Administration board decided Thursday.
The Federal Deposit Insurance Corp. must still approve the deal between the two Wisconsin institutions. Financial terms were undisclosed.
It would be the third credit union deal for a bank in the past 12 months, following United Federal Credit Union's acquisition of Griffith Savings Bank in Indiana, and GFA Federal Credit Union's deal to acquire Monadnock Savings Bank in New Hampshire.
Landmark is based in New Berlin, Wis., and has assets of $2.1 billion.
Hartford Savings lost $1.3 million last year. It has 10,000 customers and assets of $190 million.
Hartford Chairman and Chief Executive Ken Braun had planned to retire in January after 40 years with the bank, but said he would serve on a community board of directors and maintain an office in Hartford once the deal is completed. Tom Haley, the bank's president and chief operating officer, would join Landmark as its first regional president and chief risk officer.
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