Small Wisconsin credit union’s members approve merger
The membership at Northern Paper Mill Credit Union in Green Bay, Wis., has approved a merger into $1.8 billion-asset Fox Communities Credit Union in Appleton, Wis.
The $21 million-asset NPM voted on March 18 in favor of the deal, which is expected to provide lower loan rates and higher savings rates for members. NPM’s Jackson Street location will remain open and all employees of the credit union have been guaranteed jobs at the same rate of pay or better. CEO Maureen Bartley has been with the credit union for nearly four decades, having started there as a teller in 1982. She has been president and CEO since 1994.
NPM’s membership is also expected to receive a $1.5 million special dividend once the merger is completed, with payouts based primarily on a recipient’s length of membership. The board is expected to base the formula for payouts on member data as of Aug. 31, 2019.
No date was given for when the merger is expected to take effect.
NPM reported net income of just over $2,200 in 2018 but that figure soared to more than $71,000 in 2019. Part of that improvement came from a $15,000 reduction in education and promotional expenses, and a decline of nearly $4,000 in loan servicing expenses.
Fox Communities announced earlier this year that Chief Lending Officer Christopher Allen would take the helm from longtime CEO Greg Hilbert this year, following Hilbert’s planned retirement next month. Representatives from the credit union did not immediately respond to an email asking whether Hilbert’s plans had changed in the wake of the coronavirus.
Regulators in the Badger State recently released 2019 performance data for the Wisconsin's state-chartered CUs.