ALEXANDRIA, Va. (3/18/13)--The National Credit Union Administration has approved Landmark CU's request to purchase and assume Hartford Savings Bank.
The acquisition was approved unanimously during the agency's closed board meeting on Thursday. The transaction will be subject to Federal Deposit Insurance Corporation approval.
Landmark is based in New Berlin, Wis., and is Wisconsin's largest credit union, holding $2.1 billion in assets. Hartford Savings Bank is located Hartford, Wis. and has three branch locations in Hartford, Juneau and Hubertus, Wis.
Discussions between the two institutions began in June 2012 and each CEO and board agreed quickly to the acquisition.
"Our institutions are strikingly similar in our mutual memberships, shared beliefs in excellent customer service and focus on employee satisfaction and community involvement," Ron Kase, who was Landmark CU CEO at the time of the application, said last year. He recently retired. Kase noted that Landmark's "broader offering of products and services will bring a variety of benefits to the area."
The acquisition of Hartford Savings Bank will allow the credit union to strategically expand its branch locations and better serve members, Kase added. Landmark currently serves members in Washington and Dodge counties from branches in Germantown, West Bend and Watertown.