MADISON, Wis.–Credit unions in Wisconsin are calling a series of talking points distributed by the state’s bankers association related to a CU acquisition of a bank “dubious” and designed to “mislead the public.”
The Wisconsin Bankers Association is raising concerns over the planned acquisition of American National Bank Fox Cities by Landmark Credit Union, arguing the deal underscores what it calls an uneven competitive landscape and a need for federal policy changes.
In a statement outlining its position, the WBA said the transaction reflects a growing trend of tax-exempt credit unions acquiring taxpaying community banks, reducing government revenue and distorting the merger market.
“Taxpayers should be urgently alarmed” by the transaction, which the group says will remove a taxpaying institution from the rolls. It further argued that credit unions are able to offer higher purchase prices, or “ridiculous multiples,” due in part to their tax status.
As a result, banks lack a fair opportunity to compete for acquisitions and keep institutions on the tax rolls, the WBA added, saying nine Wisconsin banks have been acquired by credit unions in recent years.
The WBA called on federal policymakers to address what it described as the “improper use” of the credit union tax exemption and urged Congress to “bring fairness back” to the financial services marketplace.
“Unfortunately, it comes as no surprise that the Wisconsin Bankers Association (WBA) is once again rolling out dubious talking points in an attempt to mislead the public and policymakers into suppressing credit unions and restricting consumer access to financial options,” the Wisconsin Credit Union League said in response.
Strong Consumer Support
The league said 89% of registered voters in Wisconsin supporting the credit union tax exemption in a December survey. In the same survey, 78% of Wisconsin registered voters agree that if a community bank were to leave their community, they would want a credit union to take its place, the league added.
“Lost in the WBA’s talking points is that banks organized as S-corporations also do not pay corporate income taxes,” the Wisconsin league stated. “They conveniently ignore that the bank who decided to sell was, in fact, an S-corporation. Nor did they note that this was one of 36 bank sales since 2020 – 31 of which were bank-to-bank acquisitions. Fifteen billion dollars in assets merged in bank-to-bank deals, compared to less than $2 billion in bank-to-credit union arrangements. Context matters.”
Sarah Wainscott, president & CEO of The Wisconsin CU League, added in a statement, “Today, Wisconsin’s credit unions make up just 23% of the financial institution deposit market share in the state. The growing interest in credit unions is a welcome trend. Longtime members and Wisconsin communities know the power of the credit union structure and governance, and we’re thrilled the customers of the bank will soon, too.”
What Credit Unions Have Done
According to the league, in 2025 alone, Wisconsin Credit Unions:
- Helped members save more than $867 million dollars through better rates and fewer fees, in addition to returning $12 million in direct patronage or bonus dividends
- Provided over 31,200 loans to individuals with no or low (below 600) credit scores
- Supported local communities by donating $13 million to local charities, community projects and civic groups – with countless volunteer hours
- Invested in over 70 in-school, student-run branches, ensuring future generations have access to financial education.
