Landmark Credit Union Files Papers for Acquisition of Hartford Savings Bank

Landmark Credit Union has filed applications with federal and state regulators to acquire Hartford Savings Bank, a state chartered mutual savings bank headquartered in Hartford. The bank has more than $190 million in assets, approximately 10,000 customers and branch locations in Hartford, Juneau and Hubertus.

Landmark Credit Union is headquartered in New Berlin and has 24 branch locations throughout southeastern Wisconsin, including Brookfield (13600 W. Greenfield Ave.), Waukesha (2400 N. Grandview Blvd.) and West Allis (9515 W. National Ave.).

Although Landmark has completed 10 credit union mergers in the last three years, this is its first transaction with a bank. Pending regulatory approvals, the parties plan to complete the transaction by the end of 2012.

“Our institutions are strikingly similar in our mutual memberships, shared beliefs in excellent customer service and focus on employee satisfaction and community involvement,” says Ron Kase, CEO of Landmark Credit Union. “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.”

Discussions between the financial institutions began in June and quickly led to an agreement between the two CEOs and their respective board of directors. Since then, Landmark Credit Union has been completing the necessary paperwork required by the National Credit Union Association (NCUA), Federal Deposit Insurance Corporation (FDIC) and Wisconsin Department of Financial Institutions: Office of Credit Unions and Banking Division.

Landmark intends to keep all three branch locations and add Hartford Savings Bank’s 40 employees to its staff. Although the bank’s CEO and Chairman of the Board, Ken Braun, had previously planned to retire from active management in January 2013, he will stay on a community board of directors that will be established as part of the transaction. He’ll also maintain an office at the bank’s Hartford headquarters at 1400 Schauer Dr.

Tom Haley, the bank’s President and COO, will join Landmark Credit Union as its Regional President/Chief Risk Officer and continue to work from the bank’s headquarters. Haley’s position is a new one for Landmark and reflects the increase in size of the institution. Landmark Credit Union is also evaluating Hartford as a location for a future regional center that would handle a range of administrative functions.

Landmark will continue the community commitments Hartford Savings Bank has with the Schauer Arts & Activities Center, Medical Center Foundation of Hartford, The Hartford Area Foundation and numerous other organizations.

“The acquisition of Hartford Savings Bank allows us to strategically expand our branch locations and better serve all customers within our charter area,” says Kase. “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.”
Landmark currently serves customers in Washington and Dodge counties from branch locations in Germantown, West Bend and Watertown.

“One of the many positives of this acquisition is that we’re a strong, successful Wisconsin financial institution that’s keeping jobs in the area. We also have a track record of involvement and commitment to the communities we serve,” adds Kase.

With $2 billion in assets, Landmark Credit Union is the largest credit union in the state of Wisconsin. It has 489 employees who serve more than 195,000 customers at 24 locations throughout southeastern Wisconsin. In 2011, Landmark Credit Union was named #2 in the nation for strong brands, among credit unions of $1 billion or more, by Bancography, Inc. a Birmingham, Alabama banking industry analyst.