PLYMOUTH, Minn. (January 4, 2016) – TruStone Financial Federal Credit Union announced today that it has merged with Wisconsin-based credit unions, Southshore Credit Union of Cudahy and First Credit Union of Oak Creek. Both Southshore Credit Union and First Credit Union became part of TruStone Financial effective January 1, 2016.
“On behalf of the board of directors, leadership and employees I am pleased to welcome the members of Southshore Credit Union and First Credit Union to TruStone Financial,” said TruStone Financial Board Chair Tom Alagna.
Together with Southshore Credit Union and First Credit Union, TruStone Financial will have $1.064 billion in assets, nearly 95,000 members and 13 branch locations across Minnesota and Wisconsin.
“With the increased demand for convenience and technology, the merger with TruStone Financial is beneficial for all members,” said Southshore Credit Union Board Chair Don Nappe. “The combined resources will allow us to expand our product line, add necessary improvements and further strengthen the reputation we have built in our community.”
Months in the making, TruStone Financial worked closely with both credit unions to ensure mutual benefit as a result of the mergers. In December 2015, members of both credit unions voted to merge operations with TruStone Financial.
“We’re thrilled to be merging with a credit union that provides excellent member service and keeps innovation top of mind,” said First Credit Union Board Chair Don Stoddard.
The culmination of these mergers marked TruStone Financial’s fifth merger/acquisition in five years.
“TruStone Financial’s impressive growth has been spurred by loan and deposit expansion but has been complemented by bringing other credit unions into the fold,” said Chief Executive Officer Tim Bosiacki. “Our growth, while important, is secondary to the high quality service we provide our new and existing members.”
About Southshore Credit Union
Southshore Credit Union was chartered in 1949 and served people who lived or worked in Milwaukee County, and their families. Southshore Credit Union had more than 2,200 members and more than 17.7 million in assets.
About First Credit Union
First Credit Union, formerly known as South Milwaukee Municipal Credit Union, was established in 1951, for the city workers of South Milwaukee, Wisconsin. First Credit Union had more than 1,875 members and nearly $13 million in assets.