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CU System
Two Wisconsin CUs cancel plans to merge
MILWAUKEE, Wis. (2/20/09)--A proposed merger between two Milwaukee-area credit unions has been called off. The proposal, between $281.7 million asset Guardian CU, based in West Allis, and Prime Financial CU, a $200 million asset credit union in Cudahy, would have created the state's 10th largest credit union (Milwaukee Journal Sentinel Feb. 18). The two had planned to merge to create a wider market area and reduce operating expenses. However, Guardian CU notified the Wisconsin Office of Credit Unions that it was withdrawing from the proposal, said the Journal Sentinel. The newspaper said both credit unions were experiencing financial losses, caused by moving funds into loan-loss reserves to cover loans that potentially might turn bad. Prime Financial has hired Christine Dawe as its chief executive, replacing Richard Koenig. In 2007, Dawe served as a temporary CEO of Allco CU, West Allis, after it suffered losses related to subprime lending.


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