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Summit Great Wisconsin CU merger OKd
MADISON, Wis. (3/19/08)--A proposed merger between Summit CU and Great Wisconsin CU, both of Madison, Wis., has been approved by the Wisconsin Department of Financial Institutions and the National Credit Union Administration. The merger is scheduled to be completed this fall. The merged credit union will be known as Summit CU, the largest credit union in the state, with $1 billion assets (Milwaukee Business Journal March 17). The Wisconsin Bankers Association has criticized the merger because Summit CU “will be larger than 95% of the state’s taxpaying banks, will have 20 branch locations, and will be able to offer subsidized financial services, including commercial loans, to anyone,” the WBA stated on its website. The Wisconsin Credit Union League responded in a press release: “It’s still a member-owned cooperative,” said Brett Thompson, league president/CEO. “Like all credit unions, it will continue to return its earnings to its members and create more opportunities for Wisconsin families to access affordable financial services.”
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