Credit Union Merger Provides Wisconsin Consumers With Better Access to Savings, Affordable Services

PEWAUKEE, Wis., Nov. 30 /PRNewswire-USNewswire/ — While the planned merger between Summit Credit Union and Great Wisconsin Credit Union will create one of the largest not-for-profit financial institutions in the state, it will also further the financial success of Wisconsin consumers, according to industry leaders.


“No matter the size of the credit union, it’s still a member-owned cooperative,” said Brett Thompson, President & CEO of The Wisconsin Credit Union League, the trade association for more than 250 of the state’s credit unions. “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.”


The combined credit union will hold more than $1 billion in assets with a total of 20 locations throughout Wisconsin, but these numbers are miniscule when compared to the size of banks in the state.


For example, M&I Bank and Associated Bank — both headquartered in Wisconsin — have around 200 and 235 branches in the state, respectively. And as of mid-year, banks in Wisconsin held more than 87% of the market share of deposits and had assets totaling more than $145 billion — more than eight times the total asset size of the state’s credit unions combined.


“Credit unions continue to struggle competitively against banks and are looking for ways to more effectively and efficiently serve their members,” noted Thompson. “Credit unions focus on serving the need of their members, not making profits.”


The Wisconsin Bankers Association has accused credit unions of not serving their original mission. However, they continue to ignore data that indicates credit unions do an exemplary job of serving all members — regardless of their income level — through offering better rates on loans, higher rates on deposits and lower or fewer fees (please refer to “The Truth About Wisconsin Credit Unions” report at http://www.theleague.coop/banksmuststop). Summit Credit Union and Great Wisconsin Credit Union collectively save their members $13.3 million annually.


“That’s great news for not only their members, but also Wisconsin consumers,” Thompson concluded.


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Source: Wisconsin Credit Union League


CONTACT: Chad Helminak of the Wisconsin Credit Union League,
+1-800-242-0833 ext. 3166,
chelminak@theleague.coop


Web Site: http://www.wcul.org/