La Crosse, Wis.-based Marine Credit Union on Wednesday said it has received regulatory approval to acquire five branches in three Wisconsin cities from Milwaukee-based Bank Mutual through a purchase agreement announced in April.
The acquisition will take place Aug. 25. The bank branches will reopen as branches of Marine Credit Union on Aug. 28.
The regulatory approval also included the addition of Walworth County, Wis., to Marine CU’s field of membership, the credit union said.
Approximately 3,000 current customers of $2.6 billion Bank Mutual will continue to be served from the five branches included in the transaction:
· 6310 Green Bay Road, Kenosha, Wis.
· 5133 Douglas Avenue, Racine, Wis.
· 3039 S. Green Bay Road, Racine, Wis.
· 801 N. 8th Street in Sheboygan, Wis.
· 730 N. 9th Street in Sheboygan, Wis.
Under the terms of the agreement, the $731 million Marine CU will acquire $52.6 million in deposits and $13.2 million in loans. Marine said it intends to hire the approximately 20 employees who work at the impacted locations.
Once the acquisition is complete, Marine CU said it will have 33 offices serving more than 60,000 members across Wisconsin, Iowa and Minnesota.