Summit Merging State Central of Milwaukee
Expanding its Wisconsin footprint, the $1.4 billion Summit Credit Union of Madison, the state's largest, is planning to merge the $68 million State Central CU of Milwaukee.
Officials stressed that both CUs are financially healthy and each made a profit in 2009.
State Central's retiring president/CEO James Coraggio, CEO, said the CU seeks the consolidation to enhance member services with Summit being "the perfect partner."
State Central has maintained a 19% capital ratio while Summit, which made $7.5 million last year, has an 8.9% ratio. State Central had $540,000 net earnings in 2009.
Andy Faust, CEO of Summit, said the merger, to be completed by June 30 will expand services in metro Milwaukee adding two new locations in Waukesha and West Bend. Summit currently has 20 branches in southern Wisconsin.
The merger is contingent on final approval from State Central members, both boards and regulators. Coraggio said he will be retiring upon completion of the merger.
Summit has no current plans to seek out other merger candidates in the Wisconsin market "but will be working on completing the State Central merger," said Rebecca Gerothanas, vice president of marketing.