TruStone Financial Federal Credit Union of Plymouth, Minn. announced it has reached an agreement to acquire Ladish Community Credit Union (LCCU) of Cudahy.
The boards of directors of both organizations unanimously approved a merger of the two credit unions.
Both credit unions will operate under the banner TruStone Financial Federal Credit Union beginning April 1.
“We are extremely pleased to welcome Ladish Community Credit Union members, employees and supporters to the TruStone family,” said TruStone chief executive officer Tim Bosiacki. “As our two organizations combine, LCCU members will continue to experience the exceptional member service and friendly faces they are accustomed to with no service interruptions.”
Together with LCCU, TruStone Financial will have an estimated $861 million in assets, nearly 81,000 members worldwide and 13 branch locations across Minnesota and Wisconsin.
“The addition of LCCU allows TruStone Financial to continue to expand our geographical footprint into eastern Wisconsin, while giving members additional conveniences, enhanced service and product offerings,” Bosiacki said.
“With the rapidly increasing demand for technology and convenience, and growing regulatory burdens, a merger with TruStone Financial is the ideal solution for our membership,” said Al Zdrojewski, board chair at LCCU. “With the combined resources, we are able to expand our product line, reduce costs, and further strengthen the financial relationship with our members and community.”
The merger is TruStone Financial’s third acquisition in three years. The credit union most recently acquired the assets of A M Community Credit Union (AMCCU) in Kenosha in August 2012 and merged with Ukrainian Credit Union of Northeast Minneapolis in May 2011. LCCU was founded in 1936 as Ladish Employees Credit Union, serving Ladish Co. Inc. workers in Cudahy. In 1992, the credit union received a community charter. LCCU has more than $13 million in assets and nearly 2,400 members.