Minnesota-based TruStone Financial Credit Union plans to open a branch in Greenfield, the company announced today.
The branch will be located at 8400 W. Forest Home Ave., the site of a former Bank Mutual branch that closed following its acquisition by Green Bay-based Associated Banc-Corp. The more than 3,000-square-foot branch with a multi-lane drive thru will be fully remodeled to feature the credit union’s modern, open-concept design and is slated to open in September, according to a news release.
The branch will offer the credit union’s full range of products and services.
TruStone Financial has looked to expand its footprint in the Milwaukee area as it has grown its membership base. Its website lists one location in Cudahy, one in Oak Creek and two in Kenosha.
“As we have been building up our membership base in Milwaukee County, we have been looking for an ideal location to further broaden our footprint,” said Tim Bosiacki, TruStone Financial chief executive officer. “With the 84South development in full swing, we found this location to be well-suited to fulfill that goal.”
TruStone has acquired a number of other credit unions over the last several years, including the Kenosha Postal Employees Credit Union in August 2016 as well as Cudahy-based Southshore Credit Union and Oak Creek-based First Credit Union earlier that year.
Kristi Johnson, community development manager with the city of Greenfield, said the credit union had not yet detailed plans with her department, but she added that a representative did call in late February requesting electronic plans the city had on file.
To run a branch there, the credit union would only need to secure an occupancy permit from the city, said Johnson. Any potential exterior alterations, however, would need Plan Commission approval.
TruStone Financial purchased the Greenfield property from an affiliate of Milwaukee-based real estate development firm Endeavour Corp. for $1.6 million, state records show. It was purchased earlier this year by Endeavour Corp. for roughly $1.1 million.
Endeavor Corp. founder Randall Roth and developer Dennis Klein last summer agreed to purchase two vacant lots and 25 of the 36 branches that Associated closed as a result of the acquisition of Bank Mutual. Roth and Klein were the winning bidders last June for an RFP the company put out for the 25 branches and two parcels in Oak Creek and Cedarburg.
TruStone, headquartered in Plymouth, Minnesota, is that state’s third-largest credit union, with assets of $1.39 billion as of Dec. 31. The credit union has 14 branches in Minnesota and Wisconsin.
