TWO RIVERS, Wis. — Riverwood-Maritime CU here has been absorbed by Fox Communities Credit Union.
RMCU, a $34 million-asset institution, will become part of a credit union already worth more than $1 billion. With just over 4,000 members, RiverWood-Maritime has $17 million in loans on the books as of its most recent Call Report, concentrated primarily in real estate lending. But it lost more than $3,000 last year, and shed nearly $29,000 in Q1 of this year alone.
Bonnie Timm, president and CEO of RiverWood-Maritime, said in a statement that her credit union will be able to offer a wider variety of products as a result of the merger, including additional mortgage options for members. All staff are expected to remain.
Greg Hilbert, president of Fox Communities, welcomed RiverWood-Maritime's members and called it "a positive reflection, on both credit unions, that we continue to work together to improve and expand product and service offerings for all members."
