NEWS

CitizensFirst merging with La Crosse credit union

Jeff Bollier
USA TODAY NETWORK-Wisconsin
Kevin Ralofsky, CitizensFirst Credit Union CEO.

CitizensFirst Credit Union will absorb La Crosse-based Community Credit Union through a merger announced Thursday morning.

The merger will result in a credit union with more than 58,000 members and more than $700 million in combined assets. CitizensFirst currently has $580 million in assets and 47,000 members.

The merger would be finalized by late spring pending the approval of Community Credit Union's members, the Wisconsin Department of Financial Institutions' Office of Credit Unions and the National Credit Union Association.

CitizensFirst CEO Kevin Ralofsky said the merger will expand the credit union's footprint beyond Northeast Wisconsin while helping both credit unions compete and grow.

"It's about continuing to grow in scale and size in order to serve our members better," Ralofsky said. "This enhances CitizensFirst's balance sheet and reserves while over time, members will see better products and services."

Ralofsky said the merger will give Community Credit Union, which has $117 million in assets and 11,300 members, access to a larger pool of assets as it looks to add members and expand its service area. He said the combined credit union's size will allow it to compete with banks for business lending while continuing to offer members competitive rates and services.

"Our industry is consolidating at breakneck speed," Ralofsky said. "We'll either continue to be a solution for our members or become an organization that's merged (into a larger credit union.) We feel we're establishing the foundations for success."

The announcement comes one year to the day after CitizensFirst announced it would merge with Neenah's Lakeview Credit Union and Brillion's Best Advantage Credit Union to form one credit union with an estimated $573 million in assets.

Ralofsky said that merger is still being worked out as is the organization's new name that will replace CitizensFirst. He said the absorption of Community Credit Union will not impact the other merger.

Furthermore, Ralofsky said Community Credit Union's La Crosse operations will be considered a regional operation under CitizensFirst Credit Union. He said CCU CEO Chris Butler will become CitizensFirst's western region president while member input will be sustained through a regional board of directors that oversees local decisions.

Jeff Bollier: (920) 426-6688 or jbollier@thenorthwestern.com.