WEST ALLIS, Wis. – The proposed combination of Guardian CU and Prime Financial CU, which would have created the state’s 11th largest credit union, was called off Friday amid large losses reported by both Milwaukee-area credit unions.
The decision to indefinitely delay the merger was made by both boards, according to Prime Financial, the $190 million Cudahy credit union which reported an $8 million loss for 2008. Guardian, with $281 million, had a $2.4 million loss.
Prime Financial said its long-time CEO, Rich Koenig, has left the credit union.
