Landmark Credit Union Acquires American National Bank-Fox Cities
Landmark Credit Union, a prominent financial institution based in the Milwaukee area, has recently announced its acquisition of American National Bank-Fox Cities. This strategic move aims to enhance its Small Business Administration (SBA) lending capabilities and expand its operational footprint in Appleton, Wisconsin.
Strategic Expansion
According to Landmark CEO, Timothy Mackay, Appleton has been a significant part of their membership for a long time, despite the absence of a physical location. In an interview with American Banker, Mackay divulged that part of Landmark’s long-term strategy involves finding the most effective way to expand in the Appleton market.
The $7.5 billion-asset Landmark saw an opportunity when American National considered selling. Mackay stated that American National’s focus on small businesses aligns perfectly with Landmark’s vision, making this acquisition a logical step forward. He expressed Landmark’s intention to preserve the community bank culture of American National, while offering them the stability and resources inherent in larger financial institutions.
A Transformational Partnership
Paul Northway, CEO of American National, expressed his confidence and satisfaction regarding the partnership with Landmark. In his words, “We are pleased to find a partner in Landmark Credit Union that shares similar values for putting people first and building strong communities.”
The deal, expected to close in the second half of 2026, is set to expand Landmark’s existing capabilities in investor and owner-occupied commercial real estate, construction, and commercial-and-industrial lending. Moreover, it will provide significant new capacity in SBA lending, a strategic objective for Landmark.
Importance of SBA Lending
In explaining the significance of SBA lending, Mackay stated, “If we are here to serve and enhance the communities we operate in, SBA lending is a very important piece.”
Growing Trend of Bank Acquisitions
The acquisition of American National Bank-Fox Cities by Landmark Credit Union is one of numerous similar transactions in recent years. This trend has been met with resistance from banking advocates, who criticize tax-exempt credit unions for buying community banks, which they argue leads to reduced consumer choice and weakens local economies.
The Independent Community Bankers of America (ICBA), a trade group critical of such combinations, recently launched a campaign to highlight the “harmful impact” of these transactions on local communities. ICBA President and CEO, Rebecca Romero Rainey, expressed concern about how credit unions are contributing to industry consolidation and reducing consumer choice.
Debating the Impact
Despite the criticism, credit union advocates defend these acquisitions as voluntary transactions. They argue that credit unions, with their strong community focus, are often better suited as buyers than other potential partners, including banks.
Timothy Mackay’s Journey
Timothy Mackay, who took on the role of CEO at Landmark in October, has a rich history in banking. Prior to joining Landmark, he served as President of Mortgage Banking and Bank Operations at the $19 billion-asset First Merchants Corp. and President of Level One Bancorp. Despite his banking background, Mackay has a deep-rooted connection to credit unions. His father, Robert Mackay, was the CEO of the Berrien Teachers Credit Union in St. Joseph, Michigan.
Reflecting on his father’s influence, Mackay said, “It resonated with me when he would talk about the credit union movement and the great work they did in the community. When the Landmark opportunity presented itself … it just felt like a natural fit for me.”
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