Summit Credit Union and Greater Milwaukee Credit Union (GMCU) have announced the upcoming merger of the two organizations that is anticipated to become effective on December 1, 2013. Both credit unions are deemed financially secure, and the merger is considered strategic in nature.
GMCU’s Board of Directors and management staff selected Summit Credit Union as a merger partner in order to continue to provide a variety of high-quality products, enhanced services and greater convenience to its membership in the long term. When the merger is complete, members of GMCU will become Summit Credit Union members.
“After extensive research and consideration, we chose Summit Credit Union due to its leadership, innovation and dedication to the well-being of its members, employees and to the communities in which it serves,” said Lori Pook, CEO of GMCU. “We believe that our members will be very satisfied with this move and the added convenience and increased value it will provide.”
“This strategic merger is a win-win for both GMCU and Summit,” said Kim Sponem, CEO/president of Summit Credit Union. “We look forward to providing the combined 17,300 Milwaukee-area membership base with another full-service, convenient location as we continue to grow in the Greater Milwaukee area.” Sponem will continue her role as CEO/president.
The GMCU is located at 1606 S. 84th Street, in West Allis, Wis., and will continue operation at that location.
The merger is contingent on final approval from GMCU’s membership, as well as regulators. Employees of the two credit unions were notified of the planned consolidation in August. They were advised that no changes in employment are planned. Pook will oversee the transition of the merger and continue on as an employee of Summit Credit Union.
The combined credit union will hold $1.9 billion in assets and serve 132,000 members with a total of 25 locations throughout the Milwaukee and Madison areas, as well as the numerous Shared Service Center Network locations, phone and web account services and a member service contact center in Madison. GMCU members will continue to have access to 5,000 Credit Union Service Centers throughout the United States, which will also be available to Summit’s membership base following the merger.
About Greater Milwaukee Credit Union:
Greater Milwaukee Credit Union, established in 1923, is open to any employees of the United States Government, United States Postal Service or State of Wisconsin in the following counties: Calumet, Dodge, Fond du Lac, Jefferson, Kenosha, Manitowoc, Milwaukee, Ozaukee, Racine, Sheboygan, Washington, Walworth, Waukesha. Immediate family members are also eligible for membership. GMCU serves 2,000 members and holds $14 million in assets. For more information, visit http://www.greatermilwcu.com.
About Summit Credit Union:
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.9 billion in assets and has more than 130,000 members with a total of 24 locations throughout the Madison and Milwaukee areas. For more information, visit www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.
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