Superior Choice Credit Union will finalize the acquisition of Dairyland State Bank at the close of business on Friday, August 31, 2018. After the closing, all Dairyland State Bank assets and liabilities will belong to Superior Choice Credit Union.
To accommodate the business conversion, all branches of Dairyland State Bank will close at 4 p.m. on Friday, August 31. The Dairyland State Bank branches — located in Bruce, Exeland, Sheldon, Gilman, and Holcombe in Wisconsin — will reopen for normal business hours as Superior Choice Credit Union branches on Tuesday, September 4 after the Labor Day holiday. ATM and online banking services will be available over the holiday weekend. Former Dairyland State Bank customers — now SCCU members — will continue to be able to use their accounts, checks, debit cards, online services, and branch services as they normally would.
Superior Choice Credit Union and Dairyland State Bank originally announced their acquisition agreement in February 2018. The agreement was given final regulatory approval in July 2018. After August 31, the two financial institutions will legally become one entity, which will operate under the Superior Choice Credit Union name and charter. The acquisition allows Superior Choice Credit Union to offer expanded services at 11 branches throughout northwestern Wisconsin and northeastern Minnesota.
Gary Elliott, who has served as the credit union’s President/CEO since 2005, will lead the combined organization. Elliott views the acquisition as an opportunity to expand SCCU’s footprint in northwestern Wisconsin.
“We are ecstatic to welcome Dairyland State Bank to our credit union,” said Elliott. “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.”
Upon the finalization of the acquisition on August 31, Dairyland State Bank customers will become SCCU members and will have the added benefit of access to more branches, expanded use of technology, competitive rates, lower fees, and member-ownership. In addition, SCCU will continue Dairyland State Bank’s strong tradition of lending and financial services for agricultural and small businesses members.
The next steps for the newly combined financial institution will be to fully integrate operations, products, services, policies, and technology. Until technology systems are combined in late 2019, former Dairyland State Bank accounts, debit cards, online banking services, and other services may be used as normal. More information about the 2019 technology conversion will be sent to SCCU members at a later date. Frequently asked questions and other updates about the acquisition may be found at www.superiorchoice.com/dairyland.
Grand opening activities for the newly-converted Superior Choice Credit Union branches are planned for October 2018. Details will be announced at a later date.
Both financial institutions have a long history of serving residents in northwestern Wisconsin. Superior Choice Credit Union was first chartered in 1932 and was located in the Superior Co-op Store at Belknap Street and Tower Avenue in Superior. By 2015, SCCU expanded to operate six branches in five cities: Superior, Ashland, and Mellen in Wisconsin along with Duluth and Hermantown in Minnesota. Dairyland State Bank was chartered in 1902 and was known as Lumberman’s State Bank at that time.
SCCU is represented by Michael Bell from Howard & Howard Attorneys, PLLC and Dairyland is represented by Randi L. Osberg of Ruder Ware, LLSC.