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