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.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- $100 million in sewer costs loom over Wauwatosa
- Safe Routes to School in Wauwatosa continues to spread word
- Mayfair, Mayfair Collections in Wauwatosa seen as complements, not competitors
- Roosevelt Elementary students place in dance competition
- Memorial Day ceremony scheduled for Longfellow Middle School
- Ask NOW: When will the Menomonee River Parkway be repaved?
- In Our Schools: May 20
- Ask NOW: Is Currie Dog Park expanding?
- Business Notes: May 16
- Rios appointed to take open Tosa School Board seat