Marine Credit Union, a $759 million institution based in La Crosse, Wis., announced that it completed its merger with Bent River Community Credit Union, an $18.7 million institution based in Davenport, Iowa.
In the transaction, Marine acquired approximately $16 million in deposits and $12 million in loans.
The former Bent River Community CU branch located at 709 E. 46th St. in Davenport opened as a Marine CU branch on Friday, Feb. 2.
“Marine’s merger with Bent River Community Credit Union supports our ongoing growth strategy,” said Shawn Hanson, CEO of Marine CU, in a statement. “This merger will allow us to continue delivering value in new markets and serve members who need our help.”
“Randy Hass [former CEO of Bent River Community] will join Marine’s leadership team, and the same friendly faces will continue to serve members at Marine’s branch in Davenport, Iowa,” said Hanson. “Over the past five years we have completed seven mergers or acquisitions, and we have an excellent track record of retaining these organizations’ employees.”
Marine CU posted net income of about $5.3 million through the first nine months of 2017. Marine CU recorded net income of about $9.6 million and $9.4 million in 2016 and 2015, respectively.
Meanwhile, Bent River Community CU recorded net income of about $17,800 in 2017, down from about $86,000 in 2016.