For more information, contact:
Rebecca Gerothanas, Summit Credit Union
(608) 243-5000 ext. 4700
rebecca.gerothanas@summitcreditunion.com
Jim Coraggio, State Central Credit Union
(414) 778-1000
jcoraggio@statecentral.com
MADISON, Wis. — Summit Credit Union and Milwaukee-based State Central Credit Union today announced plans for an upcoming merger of the two organizations, anticipated to become effective in June of 2010. When the merger is complete, members of State Central Credit Union will become Summit Credit Union 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, CEO of State Central Credit Union. “Summit is the perfect partner for us.” Coraggio will be retiring upon completion of the merger.
“This merger will benefit our respective memberships tremendously,” said Andy Faust, CEO of Summit Credit Union. “We are excited for the opportunity to expand our services in Milwaukee, and provide greater convenience and financial offerings to our combined membership.”
With the merger, Summit Credit Union will add two locations in Milwaukee, one in Waukesha, and one in West Bend.
The merger is contingent on final approval from State Central Credit Union’s membership, both boards of directors, as well as 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.
About State Central Credit Union:
Established in 1948, State Central Credit Union serves 8,600 members and holds $68 million in assets with a total of 4 locations in the Milwaukee and West Bend areas. For more information, visit http://www.statecentral.com
About the Summit Credit Union:
Established in 1931, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.4 billion in assets and has more than 107,000 members with a total of 20 locations throughout the Madison and Milwaukee areas. For more information, visit http://www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.