A previously announced consolidation agreement for the $14.8 million Veterans Administration Credit Union in Milwaukee, Wis., to merge with the $1.8 billion Summit Credit Union in Madison, Wis., has now received approvals from VACU members as well as state and federal regulators.
The merger is expected to become effective Sept. 1, Summit CU said in a statement.
Systems and products from both credit unions are expected to be converted by February 2014. At that time, members from both credit unions will be able to begin using all branch locations, according to the Summit statement.
Summit runs on the Symitar Episys core platform, according to the Technology Survey from Callahan & Associates, while VACU is a Fiserv OnCU customer.
Founded in 1932, VACU served 2,800 members.
The merger will result in a combined credit union with $1.9 billion in assets with 131,000 members and 24 branches.