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.
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