The acquisition of American National Bank-Fox Cities would expand the credit union’s presence in Northeast Wisconsin and mark another example of the growing wave of credit union-bank combinations.

Landmark Credit Union has reached an agreement to acquire American National Bank-Fox Cities, a community bank based in Appleton, Wis., a deal that would significantly expand the credit union’s footprint in Northeast Wisconsin and add hundreds of millions of dollars in assets to its balance sheet.

The Milwaukee-area credit union announced the transaction on Tuesday, saying the purchase would add approximately $419 million in assets, including about $328 million in loans. The acquisition is expected to close in the second half of 2026, pending regulatory approvals, shareholder approval and other customary closing conditions.

If completed, the deal would extend Landmark’s reach deeper into a region that executives say has become a strategic priority for the institution.

“This acquisition represents a meaningful step forward in our commitment to deepen our presence in key Wisconsin markets,” said Timothy Mackay, president and chief executive of Landmark Credit Union.

Landmark had already begun expanding in the area last year by opening a loan production office in Appleton. The purchase of American National Bank-Fox Cities, Mackay said, represents an opportunity to accelerate that strategy.

“After establishing a loan production office in 2025 in Appleton, we saw a strong opportunity to accelerate our growth by bringing American National Bank-Fox Cities into the Landmark family,” Mackay said. “American National Bank-Fox Cities is a business-focused institution that aligns exceptionally with our commercial strategy, while also offering a full-suite of consumer products and services.”

The transaction would bring into Landmark two locations operated by the bank — a full-service branch in Appleton and a loan production office in Green Bay — both of which are included in the agreement.

American National Bank-Fox Cities was founded in 1993 by local entrepreneurs and has built its business around serving small and midsize companies in the region. The bank reported $5.7 million in net income last year, up from $3.8 million in 2024.

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Paul Northway, president and chief executive of the bank, said the institution’s approach has long been rooted in its connections to the local business community.

“Since 1993 we have supported our business clients through a unique ‘entrepreneurs serving entrepreneurs’ approach to banking,” Northway said. “As the backbone of the community, we wanted to better serve businesses.”

Northway said the bank believes its culture and mission will align with Landmark’s cooperative model.

“We are pleased to find a partner in Landmark Credit Union that shares similar values for putting people first and building strong communities,” he said. “We are confident this will be a transformational partnership.”

As part of the agreement, Landmark said all employees of American National Bank-Fox Cities will be offered continued employment with the credit union once the transaction closes.

Landmark, founded in 1933 and headquartered in Brookfield, Wis., has grown into one of the state’s larger credit unions. The institution reports $7.5 billion in total assets, more than 405,000 members and 35 branches across Wisconsin. The credit union also reported strong earnings growth, generating nearly $68 million in net income in 2025, up from $45.4 million the previous year.

The deal reflects Landmark’s broader strategy of pursuing acquisitions that expand its presence in key geographic markets, strengthen business lending and deepen relationships with deposit customers.

The agreement also fits within a broader trend across the financial services industry. In recent years, credit unions have increasingly acquired banks as a way to expand lending capabilities, access new markets and grow their commercial banking operations.

According to S&P Global Market Intelligence, 16 credit union acquisitions of banks were announced in 2025, slightly below the record 22 deals announced in 2024.

Community bankers are livid.

“With tax-exempt credit unions resuming their rapid pace of community bank acquisitions this year, ICBA and the nation’s community bankers continue our call for policymakers to address the favorable credit union tax treatment that is driving these harmful deals,” said Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey.

Another community banker told Tyfone these deals won’t end until community banking is a thing of the past. “Politicians just don’t give a damn,” he said. “It’s that plain and simple. So frustrating, it feels like Ground Hog Day.”

The Landmark transaction is one of the first such deals announced in 2026. Earlier this year, Zeal Credit Union of Livonia, Mich., reached an agreement to acquire substantially all of the assets and liabilities of The Miners State Bank in Iron River, Mich., in an all-cash transaction. In February, Peoples Independent Bancshares agreed to sell substantially all of the assets and liabilities of Peoples Independent Bank to Alabama ONE Credit Union.

Wisconsin has also seen similar deals in recent years. In 2024, Empeople Credit Union agreed to acquire Lomira-based TSB Bank, another example of a credit union expanding through the purchase of a community bank.

If the Landmark transaction is approved, the acquisition would further underscore how credit unions are using bank purchases to broaden their reach and deepen their commercial banking capabilities in regional markets.

“This acquisition represents a meaningful step forward in our commitment to deepen our presence in key Wisconsin markets.”

– Timothy Mackay
President & CEO
Landmark Credit Union