Tuesday, 20 February 2018
Acquisition allows SCCU to grow to $480 million credit union serving more than 35,000 members with 12 branches throughout northwestern Wisconsin and northeastern Minnesota.
Superior Choice Credit Union and Dairyland State Bank announced today that the acquisition agreement between their two financial institutions has been finalized. Pending regulatory approval, the acquisition will create a combined financial institution with more than $480 million in assets.
Closing is expected to occur in the third or fourth quarter of 2018. After closing, the two financial institutions will legally become one entity, which will operate under the Superior Choice Credit Union name and charter. Existing employees of both organizations will be retained. The acquisition allows Superior Choice Credit Union to offer expanded services to its soon-to-be 35,000 members and 12 branches throughout northwestern Wisconsin and northeastern Minnesota.
SCCU President/CEO Gary Elliott, who has been with the credit union since 2005, will continue to lead the combined organization. Elliott views the acquisition as an opportunity to expand SCCU’s footprint in northwestern Wisconsin.
“We are ecstatic to welcome Dairyland State Bank to our credit union”, said Elliott. “As a locally-owned community bank, we know that the values of Dairyland State Bank are already closely aligned with the values that we champion as a member-owned credit union. While SCCU will grow in numbers and in branch locations, we will remain committed to serving our membership by offering low loan rates, high deposit rates, and member-focused services.”
By joining SCCU, Dairyland State Bank customers will become SCCU members and will have the added benefit of access to more branches, expanded use of technology, and member-ownership. Dairyland State Bank President Robert Hegeholz says SCCU’s community roots makes the credit union a perfect fit for Dairyland State Bank’s customers.
“Dairyland State Bank has taken immense pride in serving our local area,” Hegeholz said. “Superior Choice Credit Union is going to do an outstanding job in furthering the work we’ve done, while adding new products and services that Dairyland State Bank customers are going to really appreciate.”
The next step for the newly combined financial institution will be to fully integrate operations, products, services, policies, technology, and more. All Dairyland State Bank offices, located in Bruce, Exeland, Sheldon, Gilman, Holcombe, and Hayward in Wisconsin, will be converted to Superior Choice Credit Union branches in the coming months.
Both financial institutions have a long history of serving residents in northwestern Wisconsin. Superior Choice Credit Union was first chartered in 1932 and was located in the Superior Co-op Store at Belnap Street and Tower Avenue in Superior. By 2015, SCCU expanded to operate six branches in five cities; Superior, Ashland, and Mellen in Wisconsin along with Duluth and Hermantown in Minnesota. Dairyland State Bank was chartered in 1902 and was known as Lumberman’s State Bank at that time.
SCCU is represented by Michael Bell from Howard & Howard Attorneys, PLLC and Dairyland is represented by Randi L. Osberg of Ruder Ware, LLSC.
About Superior Choice Credit Union
Superior Choice Credit Union operates six full-service branch locations around the Northland offering a full line of financial products and services. Since 1932, SCCU has been serving the financial needs of its member/owners. As a member-owned cooperative, members have a say in their financial institution. Please visit www.superiorchoice.com for more information. Superior Choice Credit Union is federally insured by NCUA. Equal housing opportunity.