History

Credit Union Owned

Truncation

In 1978, the Wisconsin Credit Union League developed WISCUB (Wisconsin Credit Union Bank), solely to acquire a bank for the league.  In the 1970’s, deregulation of the financial industry was just beginning and credit unions were denied access to the Federal Reserve System’s check-clearing operation.  In order for credit unions to enter the share draft business the share drafts would have to go through a bank.

The league announced its plan to acquire over 86% of available shares of a small Wisconsin bank.  Cleveland State Bank was this small neighborhood bank, and became the stepping stone in Wisconsin’s credit union share draft movement.  Thus began this unusual, yet successful relationship, between credit unions and “a bank”. 

Cleveland State Bank has turned out to not only be a profitable investment but has continued to service Wisconsin credit unions with an updated shared draft processing program. 

In December of 2007, Cleveland State Bank Share Draft Department changed its name to WISCUB Service Center to better reflect the history of the department and its expanded range of products and services.

WISCUB, Inc. continues to provide high dividend returns for our credit union shareholders.  This dividend is attributed to those credit unions that utilize the WISCUB Service Center program. 

WISCUB Service Center shares the commitment with credit unions to serve the needs of their members and enabling Wisconsin families to continually improve the quality of their lives.

WISCUB Directors:

Debra Woods, Taylor CU
Susan Winters, Landmark CU
Scott Sauer
Kelly Hladovcak, Valley Communities CU
Todd Scholz, Tomah Area CU