The Kenosha Postal Employees Credit Union has agreed to be acquired by Plymouth, Minnesota-based TruStone Financial Federal Credit Union.
The transaction, in which no money changed hands, is expected to close Sept. 10.
The Kenosha Postal Employees credit union was formed in 1927 to provide financial services for employees, family and friends of the United States Post Office in Kenosha. Kenosha Postal had an office within the Kenosha post office that will be closed. The one employee of the credit union, who was also a postal carrier, will not continue with the credit union, a TruStone spokesperson said.
This is not the first Milwaukee-area acquisition for TruStone, which in January acquired Cudahy-based Southshore Credit Union and Oak Creek-based First Credit Union. In April, TruStone closed the Southshore Credit Union branch because it was just 1.6 miles from its other Cudahy location, the spokesperson said.
This is the seventh merger or acquisition TruStone has completed in the Milwaukee market in the past five years. It now has three Kenosha locations, a Cudahy location and an Oak Creek location, in addition to its eight Minnesota branches.
The merged credit union will have $1.1 billion in assets and more than 100,000 members.
"With the increased demand for convenience and technology, the merger with TruStone Financial is beneficial for all members," said Patrick Neis, board chair for Kenosha Postal Employees Credit Union. "Our members will now have access to a full-service financial institution, offering an expanded product line and online services, while continuing to strengthen the relationships we have built within our community."