Wisconsin Bankers Association: Statement on Landmark Credit Union (pending) acquisition of Hartford Savings Bank
For more information, contact: Eric Skrum, Wisconsin Bankers Association 608/441-1216 | (c) 608/445-6430 | eskrum@wisbank.com
Statement from Rose Oswald Poels, president & CEO of the Wisconsin Bankers Association
“Continuing a pattern of strategic growth, New Berlin-based Landmark Credit Union today announced plans to acquire Hartford Savings Bank, a state-chartered mutual savings bank.
The merger highlights that the differences between the two types of financial institutions is practically non-existent other than tax status. This sentiment was echoed by both Landmark Credit Union CEO Ron Kase and Hartford Savings Bank Chairman and CEO Ken Braun when they stated the two institutions were “remarkably similar.” Although Kase explained that Landmark will offer a “broader” array of products and services such as “lending, saving and investment” opportunities for customers living in counties northwest of Milwaukee.
HSB is a community bank with three branches and roughly $190 million in assets. Landmark has acquired 10 credit unions in the past three years, and in August became the first Wisconsin credit union with more than $2 billion in assets. Landmark is now larger than 98 percent of Wisconsin banks.
Paying no state or federal income tax, credit unions were given their tax-exempt status in the 1930’s based on the ability to provide products and services to people of low and modest means.”
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The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing nearly 300 commercial banks and savings institutions, their nearly 2,300 branch offices and 29,000 employees.
