Ripco Credit Union of Rhinelander has been awarded preliminary approval from the National Credit Union Administration (NCUA) and the State of Wisconsin Department of Financial Institutions/Office of Credit Unions to acquire the assets of Rainbow Credit Union of Lake Tomahawk via merger.
The merger is scheduled to occur on Aug. 31, 2012. In the interim period prior to the official merger date, Ripco Credit Union has entered into a formal management agreement allowing Ripco Credit Union executives to assist in managing the operations of Rainbow Credit Union. Ripco management staff is working with the existing Board of Rainbow to ensure a smooth transition once the merger is finalized on Aug. 31. As of Sept. 1, former Rainbow members will become members of Ripco. Although Ripco Credit Union will not be maintaining a physical branch in Lake Tomahawk, Rainbow members will see no interruption in service. All funds previously on deposit at Rainbow Credit Union will continue to be federally insured through Ripco to at least $250,000 by the NCUA, a U.S. Government agency.
In a letter to the members of Rainbow Credit Union, Stephen Forrest, Rainbow ‘s Chairman of the Board of Directors, said “The Board has chosen Ripco Credit Union as a merger partner because we feel their purpose and focus best fits what Rainbow Credit Union’s mission was in the past. There are many great credit unions in the area, but we felt that the management and staff at Ripco are truly dedicated to assisting their members.”
Due to the relatively small size of Rainbow Credit Union (assets of $463,311 as of June 30, 2012), Rainbow members had not been offered many of the services that will be available to them at Ripco. “We know that change is never easy and that Rainbow members are very loyal to their credit union, but we’re confidant that they will appreciate the value of their new Ripco membership along with the wider range of services we’re able to provide” added Ripco Credit Union President and CEO Liza Edinger.
After the merger, Ripco’s projected asset size will be approximately $104 million. In addition to the main Ripco office at 121 Sutliff Avenue in Rhinelander and the Eagle River branch at 633 North Railroad Street, Ripco also operates a student-run branch at Rhinelander High School. Ripco-owned ATMs are located at the Sutliff Avenue office, at the Wausau Paper mill on Davenport Street in Rhinelander, in the Learning Resources Center at Nicolet College in Rhinelander, at Rhinelander High School, and at the Eagle River Branch on North Railroad Street.
Member questions may be directed to Ripco Credit Union at (715) 365-4800 or toll free at (877) 365-4800, or emailed to firstname.lastname@example.org.