Increased regulatory burdens combined with demand for new mobile products are driving merger activity among credit unions. As several community credit unions race to find partners, Plymouth, Minnesota-based TruStone Financial is exercising patience, says CEO Tim Bosiacki.
Bosiacki says he is concentrating on TruStone’s needs, not what his competitors are doing. Credit unions, for the most part, provide the same services as traditional community banks. One of the major differences is that most credit unions are member-owned. Bosiacki, 56, has been in the financial services industry for more than 25 years. Before joining TruStone, he spent 19 years at TCF Bank in St. Cloud, Minnesota. TruStone usually stays close to home with its deals, as it did with Cudahy, Wisconsin-based Ladish Community Credit Union in 2013; Kenosha, Wisconsin-based A M Community Credit Union in 2012; and Ukrainian Credit Union of Minneapolis in 2011. TruStone has 11 branches across Minnesota and Wisconsin. Earlier in 2015, TruStone reached $1 billion in assets, which it attributed to an increase in lending.