Marine CU, La Crosse, Wis., is buying five branches from Milwaukee-based Bank Mutual.
In a joint release, the $690 million credit union and $2.6 billion bank said the deal includes locations in the Wisconsin markets of Kenosha, Racine and Sheboygan and will include $52.6 million in deposits and $13.2 million in loans.
The sales are expected to close in the third quarter. Terms of the transaction were not disclosed.
Bank Mutual also plans to close branches in the Wisconsin communities of Monona and Neenah in June but said it expects to retain the majority of the $19.1 million in deposits and $9.6 million in loans at the two branches.
The bank said it will incur one-time costs of about $250,000, with about $71,000 of the charges occurring in the first quarter. The rest of the costs will be recorded in the third quarter.
Following the sale, Bank Mutual will have 57 branches, while Marine CU will count 32 branches, plus its headquarters.
