CoVantage Credit Union headquartered in Antigo has signed an agreement to purchase the Northwoods National Bank in Elcho.
CoVantage CEO Brian Prunty says CoVantage has nearly 2,000 members in the Elcho area and felt a facility there would be a benefit to them.
Northwoods National Bank is owned by the Baraboo National Bank. Prunty says the purchase of a bank by a credit union is somewhat unusual....
"....so we're not only relying on credit union regulators to approve it but also the banking regulators. We're not sure how long it's going to take. We'd like to get everything wrapped up by early November...."
Plans are being made to transfer ownership of the deposit accounts and overdraft protection lines from Northwoods National Bank to CoVantage.
CoVantage also has locations in Rhinelander, Crandon, Iron River, and central Wisconsin.
