ALEXANDRIA, Va. The NCUA Board in closed meeting yesterday approved New Berlin, Wisconsin credit union giant Landmark CU’s application to acquire Hartford (Wis.) Savings Bank, a troubled, $190-million institution.
The rare credit union bank deal must still be approved by the FDIC.
Landmark, with $2.1 billion in assets, is the third credit union to acquire a bank over the past 12 months, following Michigan's United FCU's acquisition of Griffith Savings Bank in Indiana, and Massachusetts' GFA FCU's deal to acquire Monadnock Savings Bank in New Hampshire.
Financial terms of the deal for Hartford, which has 10,000 customers, were not disclosed.
Hartford Savings lost $1.3 million in 2012.
Hartford chairman and CEO Ken Braun had previously planned to retire in January after 40 years with the bank, but said he will stay on a community board of directors and maintain an office in Hartford. Tom Haley, the bank's president and COO, will join Landmark as its first regional president and chief risk officer.
