CoVantage Buying Elcho’s Bank

CoVantage Credit Union, of Antigo, has announced it has signed an agreement to purchase the facility operating as Northwoods National Bank in Elcho.

According to CoVantage CEO Brian Prunty, “CoVantage Credit Union already has nearly 2,000 members living in the Elcho area. When we learned the bank branch was for sale we saw an opportunity to provide convenient access for current members, and a way to offer value to even more individuals and businesses in the Elcho area.

“CoVantage is known for providing financial value,” he added, “especially our patronage program that returned $1.7 million last year to members as our way of saying thanks to those who do business with us. We look forward to being in Elcho and are thrilled we can provide the area with local service.’’

While the agreement between CoVantage Credit Union and The Baraboo National Bank (which owns Northwoods National Bank) is subject to final regulatory approval, plans are being made to transfer ownership of the deposit accounts and overdraft protection lines from Northwoods National Bank to CoVantage.

Once approved by state and federal regulators, bank account holders will be notified about how and when their accounts will be transferred, and current credit union members will be told when the branch will operate as CoVantage.

“While we are excited for this opportunity, we also know it can be difficult to profitably operate a branch in a small community,’’ Prunty said. This new office will be open Monday, Wednesday, Friday and Saturday. As the branch grows and generates additional new business, hours will be reevaluated.

CoVantage also offers the convenience of banking 24/7 through free mobile and online banking, remote deposit capture and an extensive network of ATMs.

“We even have a full-service contact center that is available 7 a.m. to 7 p.m. on weekdays,’’ Prunty said.

“We look forward to welcoming Northwoods National Bank customers as new CoVantage member-owners,’’ Charlie Zanayed, senior vice president and chief retail officer for CoVantage Credit Union said.

Merlin Zitzner, The Baraboo National Bank chairman and CEO added that officials with the bank are grateful to the Elcho community for its past support.

“The Baraboo National Bank has a tradition of excellent service and a commitment to our loyal and valued customers, and we thank the community for the chance to serve them,’’ Zitzner said.

CoVantage Credit Union serves over 83,000 members throughout Langlade, Oneida, Forest, Vilas, Lincoln, Oconto, Florence, Marathon, Marinette, Menominee, Brown, Clark, Outagamie, Portage, Price, Shawano, Taylor, Waupaca and Wood counties in Wisconsin and in Iron and Dickinson counties in Michigan.

The financial cooperative has 325 employees, $1.2 billion in assets and is headquartered in Antigo. The financial cooperative also has locations in Rhinelander, Crandon, Shawano, Wausau, Weston, Rib Mountain, Rothschild, Stevens Point and two Michigan offices in Iron River and Crystal Falls.

Northwoods National Bank in Elcho in a photo taken this morning. The facility is being purchased by CoVantage Credit Union.

Northwoods National Bank in Elcho in a photo taken this morning. The facility is being purchased by CoVantage Credit Union.

Source:  Antigo Daily Journal