Settlers bank and Minnesota-based Wings Financial Credit Union announced that the two organizations have reached an agreement for Wings to acquire the bank. The transaction, which requires approval by state and federal regulators, is expected to close in the first quarter of 2023. When the transaction is complete, Settlers bank locations will be re-branded as Settlers Best Credit Union, a division of Wings Financial Credit Union.
In response to this news, the Wisconsin Bankers Association issued a statement reading, “Credit unions are continuing their aggressive behavior in Wisconsin using taxpayer dollars to purchase profitable, tax-paying banks.” The statement argues that the purchase of Windsor-based Settlers bank will take tax revenue off the state and federal tax rolls. That statement also outlined that the recently announced Summit Credit Union purchase of Commerce State Bank cost the state over $1 million in annual tax revenue.
