THU AM News: Groups representing banks, credit unions clash over Landmark Credit Union acquisition; February home sales down 1.2%, WRA report shows

March 19, 2026

— The Wisconsin Credit Union League is accusing the Wisconsin Bankers Association of trying to “mislead the public and policymakers” about a recently announced bank acquisition by a large credit union.

After Landmark Credit Union last week announced it would acquire American National Bank-Fox Cities in a deal that included $419 million in assets, the head of the WBA said taxpayers should be “urgently alarmed” about the acquisition.

Rose Oswald Poels, WBA’s president and CEO, said the move continues a national trend of community banks being bought by large tax-exempt credit unions. It’s the ninth such acquisition Wisconsin has seen, the group notes, and will bring Brookfield-based Landmark Credit Union to more than $8 billion in assets.

“Unlike banks, credit unions do not pay any state or federal income taxes,” Oswald Poels said in a statement. “Consequently, all of us tax-paying individuals and businesses will bear an increased tax burden to support needed government services.”

In response, the League yesterday slammed the WBA’s remarks as “dubious” and said the group aims to suppress credit unions and restrict financial choices for consumers.

“Lost in the WBA’s talking points is that banks organized as S-corporations also do not pay corporate income taxes,” the group said. “They conveniently ignore that the bank who decided to sell was, in fact, an S-corporation. Nor did they note that this was one of 36 bank sales since 2020 — 31 of which were bank-to-bank acquisitions.”

Those bank-to-bank deals involved $15 billion in assets, well above the less than $2 billion for bank-to-credit union deals, according to the League.

Still, WBA argues the mergers and acquisitions process is “clearly broken” and unfair due the tax advantages provided to credit unions. The group says more such deals are expected to happen this year, and is urging state and federal lawmakers to “stop ignoring this improper use” of the tax exemption for credit unions.

Oswald Poels says banks looking to purchase another bank submit “reasonable, competitive bids that are laughed at.” She claims the merger table no longer represents a free market process.

“No tax-paying bank has a fair opportunity to keep a tax-paying bank on the tax rolls with large, multi-billion dollar credit unions at the merger table offering ridiculous multiples to secure a deal,” she said.

Meanwhile, the head of Landmark Credit Union is hailing the deal as a way to expand its footprint in the region.

The credit union opened a loan production office in Appleton last year, and President and CEO Timothy Mackay said acquiring the Fox Cities bank presented a “strong opportunity to accelerate our growth” in northeastern Wisconsin.

See the full statements from the League and the WBA.

— February home sales in the state dipped 1.2% over the year as prices continued to rise, though the Wisconsin Realtors Association says home affordability is improving due to other factors.

The group today issued its latest monthly real estate report, which shows 3,750 homes were sold in the state last month. That’s down slightly from 3,795 in February 2025. On a year-to-date basis, total home sales have fallen 1.8% from 7,421 to 7,290.

At the same time, the state’s median home price rose 3.7% over the year, from $303,900 to $315,000 in February.

But WRA President and CEO Tom Larson says the group’s home affordability index “grew at a healthy pace” in February as family income increased along with home prices. But he says the “key factor” is the declining 30-year mortgage rate.

“That rate fell just over three quarters of a percent compared to a year earlier and averaged just 6.05% in February 2026,” he wrote. “In fact, the rate fell below 6% in early March, which is good news going into the spring market.”

Meanwhile, new listings increased 4.6% over the year, driving the state’s total listings up 1.2% to 17,918. Report authors note total listings fell slightly in January, ending a 28-month streak of rising listings.

“Still, this remains a strong seller’s market with just 3.1 months of available supply in February, which is well below the six-month benchmark that signals a balanced existing home market,” they wrote.

The report also shows homes are staying on the market longer, with the average number of days rising from an average of 84 in February 2025 to 89 last month.

This trend is happening across all parts of the state, though the northeastern and western regions saw the largest increase in time on the market with 10.1% and 23.8%, respectively.

See more in the report.

— Gov. Tony Evers signed legislation extending coverage for new mothers to 12 months under Medicaid rather than the previous 60 days.

With yesterday’s signing, Wisconsin becomes the 49th state to offer a full year of coverage under the program.

SB 23 cleared the Senate 32-1 and the Assembly 95-1. It had been previously blocked by Assembly Speaker Robin Vos, who dismissed it as an expansion of welfare. But the Rochester Republican backed the bill during the final week the Assembly was in session, clearing the way for it to become law.

In a statement yesterday, Evers noted he first proposed the change nearly seven years ago and knew it would be “an uphill battle” to get it passed into law.

“Expanding postpartum coverage is the right move for Wisconsin families, it’s the right move for our state, and it’s a privilege to be able to sign this bill into law today,” he said. “It’s been a long time coming, but I’m darn proud we got it done.”

See more here.

— The state Senate has approved legislation to allow a “patient’s representative” to consent to an incapacitated person being moved from a hospital to a nursing home, with certain exceptions.

Sen. André Jacque, R-New Franken, and Sen. Steve Nass, R-Whitewater, joined three Dems in opposition to AB 598, which was approved 28-5.

The Wisconsin Hospital Association is applauding the passage of the “next of kin” bill, with President and CEO Kyle O’Brien calling it a “significant step forward” for patients and their families.

“By creating a clear and practical pathway to identify a patient’s next-of-kin for care transition decisions, this legislation will help ensure patients can move more quickly to the most appropriate setting for their recovery, while also improving hospital capacity for those who need hospital care,” he said in a statement.

The bill cleared the Assembly earlier this year and can now be signed into law by Gov. Tony Evers.

See more here.

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Low-income mothers and babies will soon have a full year of Medicaid coverage in Wisconsin

Health care again among the state’s biggest M&A deals of the past year

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