New Berlin-based Landmark Credit Union plans to acquire Hartford-based Hartford Savings Bank.
Hartford, a state chartered mutual savings bank, has more than $190 million in assets and three branches. Its 10,000 customers utilize locations in Hartford, Juneau and Hubertus.
Landmark has acquired 10 credit unions in the last three years, but this is the first bank it has targeted. The credit union has filed applications with state and federal regulators, and hopes to complete the transaction by the end of the year with those approvals.
“Our institutions are strikingly similar in our mutual memberships, shared beliefs in excellent customer service and focus on employee satisfaction and community involvement,” said Ron Kase, CEO of Landmark. “In addition, our broader offering of products and services will bring a variety of benefits to the area. We’re a leading mortgage lender in Waukesha and Milwaukee counties and the largest auto lender in southeastern Wisconsin so we’re looking forward to meeting the lending, saving and investment needs of the bank’s current customers and all residents of Dodge and Washington counties.”
Landmark plans to keep the Hartford branches and its 40 employees. Ken Braun, CEO and Chairman of the Board at Hartford, will stay on a community board of directors that is being established. Tom Haley, president and COO of Hartford, will become regional president and chief risk officer at Landmark.
“It is truly astonishing how similar our two organizations are. Both of us are customer service oriented, community supportive, and treat our employees as family partners,” says Ken Braun, Chairman and CEO of Hartford Savings Bank. “The merger allows Hartford Savings to offer many new services and options that would not be possible without the size necessary to make them affordable. With the uncanny similarities between our organizations, it became a clear choice for us. Our members will become their members and theirs, ours.”
Landmark is considering Hartford as a future regional center for administration. It currently has 489 employees who serve more than 195,000 customers at 24 branches around the state. Landmark has $2 billion in assets.
“The acquisition of Hartford Savings Bank allows us to strategically expand our branch locations and better serve all customers within our charter area,” Kase said. “We continue to execute on our brand promise, which is to bring consistent value and convenience to our members. We do this with great rates on loans and deposits and excellent service. And, we continue to offer free checking accounts and products and services with no or low fees. We work hard so our customers can truly benefit from the value that only a credit union delivers.”