Landmark Credit Union plans to expand its presence in the Madison area with five new branches by the end of next year, the Brookfield-based company announced.
President and CEO Tim Mackay calls Madison an “important market” for the credit union, which this week is opening the first of the new branches to replace an existing location about a mile away.
“While Landmark has maintained a single Madison branch presence for more than a decade, this is the first step in a broader investment in the region,” he said yesterday in a statement.
Other planned locations include: a 4,000-square-foot new building in Sun Prairie offering retail services, mortgage lending and investment; another 4,000-square-foot space in Middleton; a 3,600-square-foot space in Waunakee; and a fourth location near the state Capitol, envisioned as a full-service office for the credit union’s commercial banking team.
Of the four additional planned branches, two will be new construction and two will be leased, according to details provided by a spokesperson for the credit union.
“We have closed on the land purchase and leases for all but one location,” the spokesperson said in an email, noting the company aims to officially close the deal on the final location soon.
The credit union currently has 35 branches and more than 1,000 employees, with plans to hire about 25 workers more to staff the planned new branches. It boasts more than $7.5 billion in total assets and at least 400,000 members.
When asked about the size of the capital investment involved with the expansion, the spokesperson declined to provide specifics but said “the investment is significant and we are looking forward to the additional growth in Madison.”
The expansion announcement comes after the credit union in March announced it would acquire American National Bank-Fox Cities in a deal that included $419 million in assets.
That prompted the Wisconsin Bankers Association to say taxpayers should be “urgently alarmed” about the move given credit unions’ tax-exempt status, while the Wisconsin Credit Union League responded by accusing WBA of seeking to “mislead the public and policymakers” about the issue.
Meanwhile, Landmark yesterday also announced it will donate $100 to the United Way of Dane County for each checking account opened at the planned new locations, putting up to $50,000 into the nonprofit’s Reducing School Mobility initiative.
See more on the American National Bank-Fox Cities acquisition in an earlier story.
