The $1.4 billion Summit Credit Union of Madison, Wis. said today it has received member and regulatory approval to merge the $68 million State Central CU of Milwaukee effective June 30.
The merger proposal, first unveiled last February, will give Summit, the state's largest CU, expanded entry into the southeast Wisconsin market with five locations in Milwaukee and West Bend.
State Central said it sought out Summit as a merger partner based on a need to expand members services in line with the retirement of its president/CEO, James Coraggio. Summit said that as part of the merger systems and products will be converted by Sept. 1.
Kim Sponen, president of Summit, said there are no current plans to seek mergers for other Wisconsin CUs "though we are always prepared to look at strategic opportunities when they come along."
Established in 1948, State Central CU has been serving 8,600 members.