Founded in 2005 and specializing in commercial lending, Commerce State Bank's 72 employees serve 7,300 customers and operate four branches in West Bend, Elm Grove, Sheboygan and Cedarburg.

In 2021, the bank posted net income of $11.6 million, up from $7.1 million in 2020, according to FDIC financials. Commerce State Bank also recorded an ROA of 1.46% at the end of last year and managed capital of $85.5 million.

"Commerce State Bank's stellar commercial lending portfolio adds to our strengths in mortgage and small business lending, as well as helping people with their everyday financial needs," Summit President/CEO Kim Sponem said.

Summit said it is Wisconsin's No. 1 mortgage lender and the state's largest credit union SBA lender for more than 10 years.

"We are planning not only to keep the bank's branches open but growing them," Sponem said. "It is our hope that all of their employees will decide to stay with Summit. We are a growing company, and we have roles for all of them."

Since 2017, Summit has nearly doubled its assets from $2.9 billion to $4.8 billion, while loans have increased from $2.3 billion to $3.5 billion and membership has expanded from 171,906 to 223,603, according to NCUA Call Reports.

"Growth and expansion are important because it provides the opportunity to positively impact more people's financial well-being," Summit Board Chair Dave Reszel said. "We look forward to bringing our award-winning financial wellness programs to new communities in Wisconsin."

Summit is Wisconsin's second largest credit union, employing 754 people who operate 50 branches throughout the state's southcentral and southeastern areas.