NEW BERLIN, Wis. – Landmark CU is in the process of merging four more credit unions, leapfrogging Summit CU as Wisconsin’s biggest credit union.
The four mergers – of American CU of Milwaukee, with assets of $22.5 million; People’s CU of Cudahy, with assets of $13.2 million; Co-Operative CU of Racine, with assets of $22 million; and Horizon CU of Racine, with assets of $26.2 million – will give push Landmark over $1.8 billion, compared to Summit’s $1.7 billion in assets.
The target date for completing all the mergers is Dec. 31, Landmark said. Member accounts will be integrated into Landmark’s computer system in the first and second quarters of 2012.
The two credit union giants have leapfrogged over each other the past two years as the result of mergers, with Landmark embarking on nine mergers since the start of 2009.
Other credit unions acquired by Landmark include First Security CU, Allco CU, Lifetime CU and Wiscor CU.
Landmark was chartered in 1933 when a group of employees at Rex Chainbelt Company (later Rexnord Corporation) pooled their funds together to form Rex #2 CU. The credit union changed names over the years to Chabelco CU, then Rexnord CU, before becoming Landmark CU in 1985 when it expanded to greater Milwaukee.
