MADISON, Wis. — MATC Credit Union has announced plans to merge into UW Credit Union.
The two credit unions will work together to join institutions and provide current members and the Madison Area Technical College community a full-service branch at the Truax campus.
"We are very excited by the opportunities that this merger will bring," said MATC Credit Union President Rhonda Mork. "We have very similar service philosophies and both have a long history of service to campus communities. This partnership is not only beneficial for current MATC Credit Union members, but an exciting new financial choice for students, faculty and staff."
MATC Credit Union, with $2.9 million in assets and 650 members, will merge into UW Credit Union, a $1 billion credit union servicing more than 118,000 members by December 2008.
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Both are headquartered in Madison.
"MATC students, faculty and employees will benefit from a full-service campus branch," said UW Credit Union President and CEO Paul Kundert. "In addition to saving, checking and affordable lending solutions, UW Credit Union's MATC-Truax location will offer the resources of the UW Credit Union's financial safety net program to help promote good money management skills."
MATC Credit Union staffers have been offered continued employment following the merger, and additional employees will be hired to support expanded hours.
"We look forward to increasing our service to the whole MATC community," said Kundert. "During our 77-year history we have developed considerable expertise in serving campus communities and take pride in our commitment as a campus partner in providing affordable, quality services to campus employees and students."
The merger plans are contingent on the approval of the Wisconsin Department of Financial Institutions' Office of Credit Unions.
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