Kohler, Shipbuilders credit unions announce plan to merge

Kohler Credit Union and Shipbuilders Credit Union have announced their intent to merge in what they describe as a strategic move aimed at fortifying financial strength, enhancing member experience and broadening community impact.

The merger, which is subject to regulatory approval and a membership vote, has been approved by both credit unions’ boards of directors.

The combined entity will operate under the name Kohler Credit Union.

The proposed merger brings together two financially healthy and distinguished financial institutions rich in history that are united by common principles and bolstered by mutually reinforcing strategies, officials said.

“The merger of Kohler Credit Union and Shipbuilders Credit Union emerged organically, driven by the presence of our existing branch and a compelling opportunity for growth,” Tony Klockow, president and chief executive officer of Kohler Credit Union, said.

“This merger ... signifies more than just a consolidation of resources; it’s about magnifying the strengths of both institutions to enhance member service,” Mike Steimle, interim president and chief executive officer of Shipbuilders Credit Union, said. “Ensuring the financial well-being of our members remains paramount as we navigate through this transition.”

Kohler Credit Union is a $615 million not-for-profit financial cooperative owned and governed by its members. Membership is open to anyone who lives or works in Sheboygan, Calumet, Fond du Lac, Manitowoc, Milwaukee, Ozaukee, Washington or Waukesha counties.

Shipbuilders Credit Union is a $116 million not-for-profit cooperative with membership open to anyone living or working in Manitowoc, Brown, Calumet, Door, Kewaunee, and Sheboygan counties.