Westby Co-Op Credit Union in Wisconsin has agreed to buy the deposits and loans of a Walmart branch from Citizens Community Bancorp (CZWI) in Eau Claire, Wis.
The $360 million-asset credit union did not disclose terms of the transaction. Citizens Community will close the branch, located in Wisconsin Dells, after it sells the loans and deposits. The bank plans to close two other Walmart branches.
The branch had $7.4 million in deposits as of mid-2012, according to the Federal Deposit Insurance Corp.
"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." Kevin Hauser, the credit union's president, said in a press release.
"We expect this sale to be a win-win for Citizens and Westby," Edward Schaefer, Citizens Community's president and chief executive, said. "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."
Seventeen of Citizens Community's 25 branches are in Walmart stores. "We anticipate the efficiencies and focus on our most productive markets will make long-term positive contributions," Schaefer said.
Edelman & Co. was Citizens Community's financial advisor.
Ed Roberts from Credit Union Journal contributed to this report.