Wisconsin

REGULATING AGENCY: Wisconsin Department of Financial Institutions; Office of Credit Unions

Wisconsin State Capitol

ACCREDITED: 2001

LEAGUE: Wisconsin Credit Union League

PRIVATE SHARE INSURANCE: No

STATS: (As of Q4 2021)

Total Number of Credit Unions: 116

  • TOTAL # SCUs: 113
  • TOTAL # FCUs: 3
  • SCU % OF TOTAL (SCUS #/STATE TOTAL #): 97%

Total Assets: $58,954,534,979

  • TOTAL $ SCU ASSETS: $55,890,881,538
  • TOTAL $ FCU ASSETS: $3,063,653,441
  • SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 95%

Total Members: 3,560,743

  • TOTAL Members SCUs: 3,377,072
  • TOTAL Members FCUs: 183,671
  • SCU % OF TOTAL (SCUS/STATE TOAL): 95%

FUN FACT: The House on the Rock was designed and built in the early 1940s. It is considered an architectural marvel and is perched on a 60-foot chimney of rock. The 14-room house is now a complex of rooms, streets, buildings, and gardens covering over 200 acres. The Infinity Room contains 3,264 windows.


RECENT NEWS

Wisconsin-based $2.7-billion CoVantage Credit Union has agreed to purchase the $277-million LincolnWay Community Bank
Courtesy of CUToday.info

The $2.7-billion CoVantage Credit Union has agreed to purchase the $277-million LincolnWay Community Bank, nearly 300 miles south in New Lennox, Ill. The buy marks the seventh CU purchase of a bank in 2022.

covantage

LincolnWay Community Bank is a wholly-owned subsidiary of LWCBancorp, Inc.

The transaction has been unanimously approved by the boards of directors of both organizations but is awaiting bank shareholder and regulatory approvals. Plans are being made to combine the staff, CoVantage stated.

“We are pleased to have found a partner whose culture and values are well aligned with CoVantage,” said CoVantage CEO Charlie Zanayed. “LincolnWay Community has focused on making exceptional service a priority for their personal and business banking customers like we do for those we serve at CoVantage.”

As have many credit unions that have purchased banks in the past, a focus of the deal with LincolnWay is commercial lending expertise.

‘Size and Scale’ Cited

“They are extraordinarily successful commercial lenders, particularly in commercial development and commercial real estate lending,” said Zanayed. “CoVantage is also a highly successful commercial lender and is one of only a few credit unions nationally that has been serving commercial members the entire time we’ve been in business, which for CoVantage Credit Union is going on 70 years. By partnering with LincolnWay Community businesses, we can deliver the size and scale that is needed to survive and thrive today.

Read More Here


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