Two Wisconsin credit unions are merging.
The $457 million-asset Heritage Credit Union in Deforest has agreed to merge with the $3.7 billion-asset Connexus Credit Union in Wausau pending approval from Heritage Credit Union members.
The credit unions will continue doing business as Connexus Credit Union, with combined assets approaching $4.2 billion and more than 420,000 members, they said.
“The Heritage Credit Union board of directors insisted that the merger be good for all stakeholders,” Anita Rauch, president and CEO of Heritage Credit Union, said in a press release Thursday. “We are confident that Connexus Credit Union is the best partner for us. By joining forces, we will be able to offer products, services and conveniences that we could not offer on our own.”
The institutions said members will benefit from the deal with increased convenience through online and mobile services, call centers, branch and ATM locations, as well as a greater diversification of product and service offerings.
Boyd Gustke, president and CEO of Connexus Credit Union, said Connexus and Heritage share similar values and culture.
“This merger also demonstrates our combined commitment to finding optimal pathways to better advocate for our members, new ways to give back and invest in our communities and allows us to continue making a positive impact in the lives of all those we serve,” he said in the press release.
Heritage Credit Union earned $3.2 million year-to-date by the end of the third quarter, an 88% increase compared to a year earlier, according to call report data from the National Credit Union Administration.
Connexus Credit Union earned $61 million through the end of the third quarter, a 56% increase from a year earlier.
