WAUSAU, Wis. (2/21/12)--Members of Maple Hill CU voted Thursday to approve merging the Wausau, Wis.-based credit union with Connexus CU, also located in Wausau.
The special vote was conducted at Maple Hill CU's Annual Meeting, and the merger was "overwhelmingly approved," said the credit unions in a press release.
"While we are a strong credit union with a proud history of serving our members, stringent new federal regulations and requirements have made it impossible for us to generate a profit for the past three years," said Jack Kruit, Maple Hill board chair. "Rather than wait for a negative situation to arise, we decided to act in the best interest of our credit union and our members--as we always have--and recommend a merger with Connexus," he added.
"Connexus shares our values, has been an excellent partner to us in the past with mortgage services, and will honor our requests to keep our branches open and our employees serving our members," Kruit said.
"We appreciate the trust that Maple Hill has placed in us to serve its members' needs now and in the future," said J. David Christenson, president/CEO of Connexus.
The two credit unions expect the merger transition to be completed by the end of March.
Maple Hill, which has more than $11.3 million in assets and more than 2,000 members, was established on Sept. 10, 1965, at St. Mary's Hospital on Maple Hill in Wausau.
Connexus has more than $340 million assets and serves more than 30,000 members. It was established as Employers Mutual's CU in 1935 and changed its name to Wausau Insurance Employees CU in 1980. To reflect its growing membership, it changed its name again in 2003 to Connexus.