Superior Credit Union finalizes purchase of Dairyland State Bank
Superior Choice Credit Union, a $418 million institution based in Superior, Wis., is set to complete its acquisition of Dairyland State Bank at the close of business on August 31.
After closing, all former Dairyland State Bank assets and liabilities will belong to Superior Choice CU. When the deal was announced earlier this year, Dairyland held $78 million in assets. Terms of the deal were not disclosed.
All Dairyland State Bank branches – including locations in in Bruce, Exeland, Sheldon, Gilman and Holcombe, Wis. – will reopen as Superior Choice CU branches on Tuesday, September 4.
The merger, which was originally announced in February, received final regulatory approvals in July 2018.
Gary Elliott, who has served as the credit union’s president and CEO since 2005, will lead the combined organization.
“We are ecstatic to welcome Dairyland State Bank to our credit union,” stated Elliott. “As a locally owned community bank, we know that the values of Dairyland State Bank are already closely aligned with the values that we champion as a member-owned credit union. While SCCU will grow in numbers and in branch locations, we will remain committed to serving our membership by offering low loan rates, high deposit rates and member-focused services.”
Superior CU will also continue Dairyland State Bank’s “strong tradition” of lending and financial services for agricultural and small businesses members.
Michael Bell of Howard & Howard Attorneys PLLC in Royal Oak, Mich., who represented Superior CU in the deal, told Credit union Journal by email this transaction is “a real success for the community, SCCU and the Dairyland staff and customers. SCCU is a dynamic and growing institution.”
Superior CU posted net income of about $3.12 million in the first half of 2018, after recording net income of about $4.9 million in 2017.