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Summit CU State Central CU announce plans to merge
MADISON, Wis. (2/25/10)--Summit CU in Madison, Wis., and Milwaukee-based State Central CU Tuesday announced plans for a merger, slated to become effective in June. Members of State Central will become Summit members. “We wanted a merger partner that shared our business philosophy of strong commitment to member service, and would be able to bring enhanced value to our membership,” said Jim Coraggio, State Central CEO. Coraggio will retire when the merger is complete. “This merger will benefit our respective memberships tremendously,” said Andy Faust, Summit CEO. The credit union will expand its services in Milwaukee, “and provide greater convenience and financial offerings to our combined membership.” With the merger, Summit will add two locations in Milwaukee, one in Waukesha, Wis., and one in West Bend, Wis. The merger is contingent on final approval from State Central’s membership, both boards of directors and regulators. Employees of the two credit unions were notified of the proposed merger last week. They were advised that no material changes in employment are planned. Summit CU has $1.362 billion in assets. State Central CU has $74.1 million in assets.


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