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UW Credit Union buys Amcore building in Tosa

Aug. 3, 2009

UW Credit Union said Monday it will buy the 3-year-old Amcore Bank branch building located across from Mayfair Mall in Wauwatosa.

Terms of the transaction were not disclosed.

The purchase of the 14,000-square-foot building will give UW Credit Union, which is one of the state's biggest credit unions, a third branch in the Milwaukee area. UW Credit Union plans to open the branch in spring of 2010.

"We are pleased to respond to member requests for an additional Milwaukee location that provides convenient service to the Wauwatosa and Brookfield communities," said Paul Kundert, president and chief executive of UW Credit Union.

The deal involves only the sale of the building, not Amcore's loans or deposits.

Rockford, Ill.-based Amcore built the large full-service branch in 2006 amid plans to expand in the Milwaukee area.

Amcore, which is under scrutiny from regulators, posted a $10.7 million loss in the second quarter. It lost almost $98 million in 2008.

"Amcore Bank is relocating its Wauwatosa branch to a nearby leased facility since it operates primarily as a commercial loan office and does not require the space of a full-service branch," Amcore spokeswoman Katherine Taylor said Monday.

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