Dairyland State Bank, SCCU finalize acquisition agreement
Pending regulatory approval expected later this year, Dairyland State Bank and Superior Choice Credit Union will be a combined financial institution.
The acquisition allows SCCU to grow to $480 million in assets serving more than 35,000 members with 12 branches throughout northwestern Wisconsin and northeastern Minnesota.
Superior Choice Credit Union and Dairyland State Bank announced Tuesday that the acquisition agreement between the two financial institutions has been finalized.
Closing is expected to occur in the third or fourth quarter of this year, and the two financial institutions will legally become one entity. It will operate under Superior Choice Credit Union's name and charter, and employees of both organizations will continue to work for the financial institution.
The acquisition allows Superior Choice Credit Union to offer expanded services.
Gary Elliott, SCCU president and CEO, will continue to lead the combined organization. Elliott views the acquisition as an opportunity to expand SCCU's footprint in northwestern Wisconsin.
By joining SCCU, Dairyland State Bank customers will become SCCU members and will have the added benefit of access to more branches, expanded use of technology and member-ownership.
"As a locally-owned community bank, we know that the values of Dairyland State Bank are already closely aligned with the values that we champion as a member-owned credit union," Elliott said. "While SCCU will grow in numbers and in branch locations, we will remain committed to serving our membership by offering low loan rates, high deposit rates, and member-focused services."
Dairyland State Bank President Robert Hegeholz said SCCU's community roots makes the credit union a perfect fit for Dairyland State Bank's customers.
"Dairyland State Bank has taken immense pride in serving our local area," Hegeholz said of the institution that was chartered in 1902 as Lumberman's State Bank. "Superior Choice Credit Union is going to do an outstanding job in furthering the work we've done, while adding new products and services that Dairyland State Bank customers are going to really appreciate."
The next step for the newly combined financial institution will be to fully integrate operations, products, services, policies, technology, and more. All Dairyland State Bank offices, located in Bruce, Exeland, Sheldon, Gilman, Holcomb, and Hayward in Wisconsin, will be converted to Superior Choice Credit Union branches in the coming months.
Superior Choice Credit Union was first chartered in 1932 and was located in the Superior Co-op Store at Belknap Street and Tower Avenue in Superior. By 2015, SCCU expanded to operate six branches in five cities including Superior, Ashland and Mellen in Wisconsin, and Duluth and Hermantown in Minnesota.