Madison-based Summit Credit Union and West Allis-based Greater Milwaukee Credit Union will merge their companies on December 1.
The move is strategic, as both organizations are in good financial standing. Following the merger, all customers will become Summit Credit Union members.
The GMCU board and management chose Summit to allow customers more convenience, improved services and high-quality products. The credit union is currently located at 1606 S. 84th St. in West Allis and has 2,000 members and $14 million in assets.
“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.”
The new organization will hold $1.9 billion in assets and serve 132,000 members at 25 branches in the Milwaukee and Madison markets. GMCU’s nationwide member access to 5,000 credit union service centers will now be extended to Summit members.
GMCU’s membership and regulators must give final approval of the merger.
“This strategic merger is a win-win for both GMCU and Summit,” said Kim Sponem, CEO and 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 as CEO and president, while Pook will supervise the merger and then remain as an employee. No other changes will be made to the labor force.