Marine Credit Union has entered into a merger agreement with Bent River Community Credit Union.
With one branch in Davenport, Iowa, Bent River serves 1,500 members with $16 million in deposits and $12 million in loans. The credit union’s field of membership comprises Scott, Clinton and Cedar counties in Iowa.
Based in LaCrosse, Wis., Marine CU currently has 31 branches across Wisconsin, Minnesota and Iowa, more than 60,000 members and more than $750 million in assets.
Bent River’s Davenport, Iowa branch will remain open as a Marine branch post-merger.
After the merger, Randy Hass, current president and chief executive officer of Bent River will remain on Marine’s leadership team. All other Bent River employees are expected to be offered positions at Marine.
Hass said in a statement that the two credit unions had already partnered in the past and “share a passion for providing our members with the products and services to meet their needs and help them succeed financially. We’re both focused on our local communities.”
In 2016, Marine CU purchased Bent River’s branch in Muscatine, Iowa.
Shawn Hanson, Marine CU CEO, said he looks forward to welcoming the Bent River members and employees to Marine CU and to “expanding our impact in Davenport and the surrounding communities.”
The pending merger is expected to close in the first quarter of 2018, subject to approval from regulators and Bent River’s membership.
Marine CU posted net income of about $9.6 million in 2016, slightly up from about $9.4 million in the prior year.