Cudahy-based Southshore Credit Union and Oak Creek-based First Credit Union have merged with Plymouth, Minn.-based TruStone Financial Federal Credit Union, effective Jan. 1.
The members of each credit union voted to approve the merger in December, which involved the companies merging operations without a financial transaction, said Katie Grindeland, a spokesperson for TruStone.
Southshore and First Credit have taken on the TruStone name. This is the fifth merger or acquisition TruStone has completed in the Milwaukee market in the past five years. It now has two Kenosha locations, two Cudahy locations and one Oak Creek location, in addition to its eight Minnesota branches.
The combined credit union has $1.064 billion in assets and nearly 95,000 members.
There was previously a total of eight employees at Southshore and First Credit. All existing employees have been retained and an additional five employees will be hired at those branches, Grindeland said. The Oak Creek location will soon have a manager and assistant manager, which it did not previously have.
First Credit Union, formerly South Milwaukee Municipal Credit Union, was established in 1951 for South Milwaukee city workers. It had more than 1,875 members and more than $13 million in assets.
“On behalf of the board of directors, leadership and employees I am pleased to welcome the members of Southshore Credit Union and First Credit Union to TruStone Financial,” said Tom Alagna, TruStone Financial board chair.
Southshore Credit Union was chartered in 1949 and served Milwaukee County residents and their families. It had more than 2,200 members and more than $17.7 million in assets.
“With the increased demand for convenience and technology, the merger with TruStone Financial is beneficial for all members,” said Don Nappe, Southshore Credit Union board chair. “The combined resources will allow us to expand our product line, add necessary improvements and further strengthen the reputation we have built in our community.”
“We’re thrilled to be merging with a credit union that provides excellent member service and keeps innovation top of mind,” said Don Stoddard, First Credit Union board chair.
Leadership at Southshore and First Credit could not be reached for further comment.