The $2.3 billion LandmarkCredit Union planned to convert the IT and operationalsystems of the $190 million Hartford Mutual Savings Bank this week,finalizing the New Berlin, Wis.-based credit union's acquisition ofits first bank.

Meanwhile, the acquisition of the $21 million Flint RiverNational Bank in Camilla, Ga., by the $255 million FiveStar Credit Union in Dothan, Ala., has been essentiallyapproved by the Alabama Credit Union Administration, pendingapproval from the NCUA, said Robert A. Steensma, president/CEO ofFive Star CU.

Additionally, the acquisition has been approved by a“substantial majority” of the bank's shareholders in January, FlintRiver National Bank CEO Scott Gatlin said. The deal still needs thegreen light from the OCC, FDIC and NCUA.

Landmark CU received approvals from state and federal regulatorslast year.

Jay Magulski, president/CEO of Landmark CU, said the signage atHartford Mutual Savings Banks' three branches in Hartford, Juneauand Hubertus, Wis., is expected to be changed during the firstweekend of March as well. The bank's 35 employees will beretained.

Magulski would not speculate how many of the bank's 8,000customers would become credit union members.

“Hartford's locations are in our chartered locations already andwe also amended our bylaws so that the bank's customers can becomeour members,” said Magulski. “We are all about retaining andexpanding all existing relationships we do have, so we will bedisappointed if they (bank's customers) don't choose to become andremain members of our credit union.”

In addition to the bank acquisition, Landmark CU has completedabout a dozen credit union mergers over the past three years. Itslast credit union merger deal was announced in January 2013 withthe $13 million BadgerCampus Credit Union in New Berlin, Wis.

Magulski indicated Landmark CU intends to keep growing throughmergers and/or bank acquisitions.

“We are always looking for smart ways to grow our organization,”he said. “When we look at the three key constituents we come towork every day to serve – our members, our associates and thecommunities in which we do business – we believe all three benefitfrom a successfully growing Landmark Credit Union, so mergers havebeen one pathway of successful growth for us over a number ofyears. We have had a history of doing successful mergers and now a(bank) acquisition.”

It is unknown when the Five Star CU acquisition of Flint RiverNational Bank will be finalized.

“We are still awaiting word from the Office of the ComptrollerCurrency, the FDIC and of course, the NCUA,” said Steensma. “Ourstate regulator, the Alabama Credit Union Administration, hasessentially approved the transaction pending NCUA approval,”

The 24,059-member credit union has already secured its communitycharter to serve Mitchell County, Ga., which will enable FlintRiver National Bank customers to automatically become Five Star CUmembers, Steensma said.

The bank's five employees are expected to retain their positionsonce the acquisition is completed.

“There is a lot of curiosity from our customers and they seem tobe excited about the acquisition,” said Gatlin.

If approved by federal regulators, the Five Star CU/FlintNational Bank deal will represent the fifth acquisition of a creditunion acquiring a bank over the past two years.

In addition to Five Star/Flint National Bank and LandmarkCU/Hartford Savings Bank, other acquisition deals included:

• The $1.2 billion MunicipalEmployees Credit Union in Baltimore acquired the $62million Advance Mutual Savings Bank in Baltimore in 2013.
• The $1.5 billion UnitedFederal Credit Union in St. Joseph, Mich., purchasedGriffith Savings Bank in 2012.
• The $352 million GFAFederal Credit Union of Gardner, Mass., bought MonadnockCommunity Bank in 2012.