By Ryan Spoehr
Staff writer
In a press release earlier this week, Peoples Bank announced it’s in the process of being acquired by Michigan-based Advia Credit Union.
The bank, which currently has locations in Elkhorn, Silver Lake and Burlington, told its members via the release that they will become member-owners of Advia Credit Union later in 2017, as the acquisition is expected to be finalized early this year. The conversion is expected to completed in spring of 2018, said People’s Bank President and CEO Tom Oehler.
Specifics have not been released as to whether or not local jobs will be impacted, but Oehler said a significant impact should not be expected and will be addressed by Advia in the coming months.
“Advia has made a commitment to retain our staff as they plan to grow, and finalize this deal in the next 12-18 months,” Oehler said.
As a result of the purchase, Advia will have more than 130,000 members across the three states. The purchase will also lead to Advia having $1.3 billion in assets and more than 400 employees.
“It really benefits our staff. Advia brings a great deal of scale. It gives our employees more career advancement opportunities, which I think will bode well for them in the future,” Oehler said.
Advia Credit Union currently has locations in Williams Bay and Janesville, with a Madison location opening in 2017. It also has two locations in Beloit and one in Rockton, Ill.
“We are pleased with the proposed transaction and we believe Peoples Bank’s customers, employees, communities and shareholders will all benefit,” Oehler stated in the press release. “Advia is a strong financial institution that has the size, resources and commitment necessary to competitively meet the financial needs of not only our consumer clients, but also our commercial, agricultural, municipal and non-profit customers now and in the foreseeable future.”
The transaction is subject to regulatory and shareholder approval, expected to be completed sometime in the third quarter of this year, according to the release.
“Advia is committed to growing stronger within our multi-state region,” said Advia President and CEO Cheryl DeBoer. “As a member-owned, not-for-profit financial cooperative, our business model results in lower cost financial products and services. We’re able to contribute into our communities and give back to our member-owners in the form of better technology, innovative services and excellent deposit and loan rates. Our ultimate value is to provide easy access to money-saving financial solutions to both individuals and area businesses.”
Advia’s purchase of People’s Bank is part of a planned expansion process through parts of southern Wisconsin, which would bring the credit union’s total locations up to 29 across Wisconsin, Illinois and Michigan.
