MONROE - Marine Credit Union of La Crosse has announced it will acquire all five of Old National Bank's southwest Wisconsin locations, including the Monroe branch, almost exactly two years after Old National purchased Madison-based AnchorBank corporation Anchor BanCorp.
The timeline in which customers should expect to see changes looks to mirror the previous acquisition of closing in the third quarter, according to the announcement. Kathy Schoettlin, spokesperson for Old National Bank, said the approval is "subject to regulatory approval" but should not currently affect customers or staff.
"We are very pleased to say our Marine partners have committed to keeping our associates," Schoettlin said, adding that customers "will see the same faces and business as usual."
Schoettlin noted that no specific month has been identified for finalization of the deal, but that July, August and September are within the third quarter goal.
The Monroe branch, 1712 12th St., opened in 1971. It was remodeled roughly 20 years ago to add a drive-up lane and a night deposit box.
Marine Credit Union CEO Shawn Hanson wrote in a press release that the partnership with Old National Bank of Evansville, Indiana, was one of the shared values striving to make life better for everyone within a community. He added that the acquisition is in line with the company's strategy for growth and that Marine anticipates "welcoming our new employees and new customers as members of Marine Credit Union."
Old National Bank closed the Boscobel location acquired through AnchorBank in 2017. It also eliminated roughly 150 staff members, mostly from Madison locations, after the acquisition and into 2017.
Offices in Monroe, New Glarus, Dodgeville, Platteville and six other locations throughout the state will be purchased through the deal. The Wisconsin offices have a combined $274 million in deposits. Marine Credit Union already owns 26 branches on the east and west sides of Wisconsin, with the majority along the eastern side from Green Bay to Kenosha. The company also has five locations in Iowa and two in Minnesota. The terms of the transaction have not yet been announced.
According to the press release, Marine Credit Union has almost 66,000 members in Wisconsin, Minnesota and Iowa. Old National Bank is one of the 100 largest banking companies in the U.S. with $17.5 billion in assets. With the sale, its closest office will be in Mount Horeb.
The timeline in which customers should expect to see changes looks to mirror the previous acquisition of closing in the third quarter, according to the announcement. Kathy Schoettlin, spokesperson for Old National Bank, said the approval is "subject to regulatory approval" but should not currently affect customers or staff.
"We are very pleased to say our Marine partners have committed to keeping our associates," Schoettlin said, adding that customers "will see the same faces and business as usual."
Schoettlin noted that no specific month has been identified for finalization of the deal, but that July, August and September are within the third quarter goal.
The Monroe branch, 1712 12th St., opened in 1971. It was remodeled roughly 20 years ago to add a drive-up lane and a night deposit box.
Marine Credit Union CEO Shawn Hanson wrote in a press release that the partnership with Old National Bank of Evansville, Indiana, was one of the shared values striving to make life better for everyone within a community. He added that the acquisition is in line with the company's strategy for growth and that Marine anticipates "welcoming our new employees and new customers as members of Marine Credit Union."
Old National Bank closed the Boscobel location acquired through AnchorBank in 2017. It also eliminated roughly 150 staff members, mostly from Madison locations, after the acquisition and into 2017.
Offices in Monroe, New Glarus, Dodgeville, Platteville and six other locations throughout the state will be purchased through the deal. The Wisconsin offices have a combined $274 million in deposits. Marine Credit Union already owns 26 branches on the east and west sides of Wisconsin, with the majority along the eastern side from Green Bay to Kenosha. The company also has five locations in Iowa and two in Minnesota. The terms of the transaction have not yet been announced.
According to the press release, Marine Credit Union has almost 66,000 members in Wisconsin, Minnesota and Iowa. Old National Bank is one of the 100 largest banking companies in the U.S. with $17.5 billion in assets. With the sale, its closest office will be in Mount Horeb.