WAUSAU, Wis. – Members of Tower CU on Sunday voted to merge their ailing one-time $50-million credit union into $360-million Connexus CU, formerly the credit union for Liberty Mutual Insurance.
Tower, which was chartered in 1932 to serve employees of the American Can Company, reported losses in each of the last three fiscal years, including a $660,000 loss for 2011 and a $75,000 loss for 2010. The credit union, which changed its name in 1980 to reflect the bell tower in the old church into which it moved, does have strong capital of 8.8%.
The merger will create a $410-million credit union and is expected to be completed later this spring.
The deal follows another pending merger of $11-million Maple Hill CU, also based in Wausau, into Connexus.
