Landmark Credit Union acquired American National Bank Fox Cities.
It is the ninth credit union acquisition in Wisconsin’s history.
The acquisition will bring Landmark Credit Union to over $8 billion in assets, making it the fourth largest headquartered financial institution in the state.
The Wisconsin Bankers Association, which is opposed to the move as it represents an entity that does not pay taxes acquiring one that does, said to expect more similar deals this year.
“Taxpayers should be urgently alarmed about this acquisition,” Rose Oswald Poels, president and CEO of the Wisconsin Bankers Association, said in a statement. “Unlike banks, credit unions do not pay any state or federal income taxes. Consequently, all of us tax-paying individuals and businesses will bear an increased tax burden to support needed government services. This transaction alone will result in an estimated $850,000 in lost annual federal tax revenue.”
