The $1.4 billion Summit Credit Union of Madison, Wis. said last week 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 Sponem, president of Summit, said there are no current plans to seek mergers with other Wisconsin CUs "though we are always prepared to look at strategic opportunities."