SCCU Buys Dairyland State Bank

Dairyland State Bank customers will become Superior Choice Credit Union members. Dairyland State Bank customers will become Superior Choice Credit Union members. |  Photo: WDIO-TV

Created: February 20, 2018 11:22 AM

Superior Choice Credit Union is acquiring Dairyland State Bank, creating a twelve-branch financial institution with locations in the Twin Ports and eight northwestern Wisconsin communities.

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The financial institutions announced the acquisition Tuesday. Closing of the deal, which requires regulatory approval, is expected to take place in the third or fourth quarter of 2018.

Existing employees of both institutions will keep their jobs, and Dairyland State Bank customers will become SCCU members.

"We are ecstatic to welcome Dairyland State Bank to our credit union,” SCCU President/CEO Gary Elliott said in a news release. "As a locally-owned community bank, we know that the values of Dairyland State Bank are already closely aligned with the values that we champion as a member-owned credit union. While SCCU will grow in numbers and in branch locations, we will remain committed to serving our membership by offering low loan rates, high deposit rates, and member-focused services."

The six Dairyland State Bank offices in Bruce, Exeland, Gilman, Hayward, Holcombe, and Sheldon, Wis., will become SCCU branches in the coming months. SCCU has six existing branches in Superior, Ashland, and Mellen, Wis., and Duluth and Hermantown, Minn.

The new SCCU will have more than 35,000 members and $480 million in assets. The institutions say the combination will give current Dairyland State Bank customers access to more technology, and members of both institutions will have access to more branches.

"Dairyland State Bank has taken immense pride in serving our local area," Bank President Robert Hegeholz said in a news release. "Superior Choice Credit Union is going to do an outstanding job in furthering the work we’ve done, while adding new products and services that Dairyland State Bank customers are going to really appreciate."

Dairyland State Bank was chartered in 1902 as Lumberman's State Bank, and Superior Choice Credit Union was first chartered in 1932.

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