Bull’s Eye Credit Union of Wisconsin Rapids, Wis., announced that its members voted to approve a proposal to merge the credit union with Connexus Credit Union of Wausau, Wis., effective Oct. 1.
The proposed transaction, which remains subject to regulatory approval, will result in an institution with about $2 billion in assets and more than 323,000 members, under the name Connexus.
“As the Bull’s Eye board of directors looked for new ways to enhance member benefits and better serve our local communities, it became clear that ensuring our ability to thrive in the future rested in the opportunity to merge with Connexus,” said Dave Stark, president of the $156 million credit union, in a statement. “Our combined credit union will be stronger and have more ability to return direct financial benefits to our members, as well as provide enhanced products and services. This creates a competitive and innovative financial institution that exists to serve our member-owners above all else.”
J. David Christenson, president and CEO of Connexus CU, said bringing Bull’s Eye CU members and employees “into our Connexus family will allow us to continue building financial strength while also serving our local communities in Central Wisconsin.”
Christenson added that this merger is “really about the future; as the landscape in financial services continues to evolve, this partnership will enable us to continue exceeding expectations for our members and the communities we serve.”
Bull’s Eye CU posted net income of about $1.1 million in each of the past two calendar years.
Meanwhile, Connexus CU recorded net income of about $25.3 million last year, up from about $17.8 million in 2016.