Blackhawk Community Credit Union plans to build a new, $30 million headquarters along the Rock River in Janesville, Wisconsin.
The 130,000-square-foot, four-story building will include a 10,000-square-foot Legacy Center, which will house historical artifacts reflecting the history of the community, particularly related to the Janesville GM plant which operated from 1919 to 2009.
The building also is planned to house a new credit union branch, a restaurant, a wellness center, 12 condominiums, law offices, a day care and retail space. It also will include the 10,000-square-foot Lea McGuire Conference Center.
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For a credit union with a net worth ratio sitting at 7.8% and an efficiency ratio of 90.5% (see NCUA 5300 in Quarter 2) is this really the prudent thing to be doing? Annualized dividends are running about $3 million. I wonder if members would rather see the $30 million in construction costs sitting in their wallets instead.
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