WESTBY, Wis. Westby Co-Op CU announced plans for an unusual deal this morning in which it will acquire the deposits and loans at Citizens Community Bancorp’s Wisconsin Dells Walmart branch, part of the bank’s plans to close three Walmart branches.
"We expect this sale to be a win-win for Citizens and Westby,” said Edward Schaefer, president and CEO of the Eau Claire-based bank, which operates 17 branches inside Walmart Supercenters. “It is a logical step in our strategy to rationalize our retail branch network, while ensuring these branch customers continue to have access to the service and capabilities they have come to expect."
“This asset acquisition enables us to serve new customers in our core market, and we plan to work closely with Citizens to provide a smooth transition and continued outstanding support for these customers." said Kevin Hauser, president of the $360 million credit union.
The bank's Wisconsin Dells customers are eligible to join the credit union, which serves a broad 12-county community. The branch had $7.4 million in deposits as of mid-2012, according to the FDIC.
After completion of the deal, Citizens Community will close the Wisconsin Dells Walmart branch and also close Walmart Superstore branches in Shawano and Black River Falls, Wis. "We anticipate the efficiencies and focus on our most productive markets will make long-term positive contributions," said Schaefer.
Financial terms of the credit union deal were not disclosed.
The transaction is contingent upon the necessary regulatory approvals.
