The $413 million Superior Choice Credit Union in Superior, Wis., said it signed an agreement to buy the $79.1 million Dairyland State Bank in Bruce, Wis.
The deal is expected to close in the third or fourth quarter of this year pending regulatory approvals, according to a prepared statement posted Tuesday.
The acquisition’s financial terms were not disclosed.
SCCU President/CEO Gary Elliott said the acquisition will expand the credit union’s market throughout northwest Wisconsin.
Established in 1934, Dairyland State Bank operates five branches and a loan production office and serves more than 7,000 customers.
At the end of last year, DSB posted $70.8 million in deposits and net income of $572,000, according to financial consolidated reports filed with the FDIC. On a quarterly basis, DSB recorded an ROA of 0.65% and an ROE of 6.04%.
DSB’s 27 full-time employees are expected remain working at their locations in Bruce, Exeland, Sheldon, Gilman, Holcombe, and Hayward, which will be rebranded with the SCCU logo.
Serving more than 27,000 members, SCCU employs 95 full-time staffers and 14 part-time staffers. The credit union operates five branches in Wisconsin and one branch in Minnesota.
This credit union bank acquisition is the second publicly announced deal this year.
Earlier this month, the $1.5 billion Achieva Credit Union in Dunedin, Fla., signed a definitive agreement to buy the $117 million Preferred Community Bank in Fort Myers.