MADISON, WI (February 16, 2015) -- Summit Credit Union and Janesville-based Educational Employees Credit Union (EECU) announced the upcoming merger of the two organizations that is anticipated to become effective this summer.
EECU’s Board of Directors and management staff unanimously selected Summit Credit Union as a merger partner in order to better serve its members and their financial needs. When the merger is complete, members of EECU will become Summit Credit Union members.
“After extensive research and careful consideration, we chose Summit Credit Union as a merger partner for its shared commitment to exceptional member service, satisfaction of its employees and commitment to financial education,” said Barbara Berken, CEO of EECU. “With Summit as a merger partner, we have an opportunity to give our members more services than were previously imaginable. We look forward to beginning this next chapter in delivering long-term value to our members.”
“Both credit unions are strong and well-aligned in our overarching commitment to our members, employees and the community,” said Kim Sponem, CEO/president of Summit Credit Union. “This is an exciting partnership for both credit unions.” Sponem will continue her role as CEO/president.
The EECU is located at 2330 Kennedy Road in Janesville, and will continue operation at that location. So, combined, Summit Credit Union’s current 1,014 Janesville-area members and EECU’s 1,592 members will all have more locations and resources available for their convenience.
The merger is contingent on final approval from EECU’s membership on March 3rd and then regulators’ approval. Employees of the two credit unions were recently notified of the planned consolidation. All current employees will stay with the credit union and Berken will continue in a leadership position.
The combined credit union will hold $2.1 billion in assets and serve more than 143,000 members with a total of 31 locations throughout the Janesville, Madison and Milwaukee areas as well as the numerous Shared Service Center Network locations, phone and web account services and a member service contact center in Madison.
About Educational Employees Credit Union
Established in 1959, membership at EECU is open to educational employees and their families in Rock County, including any employees of the schools in Rock County and members of the Janesville Area Retired Educators Association. EECU serves 1,592 members and holds $13.6 million in assets. For more information, visit https://www.educationalemployeescu.org/.
About Summit Credit Union
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $2.1 billion in assets and has more than 142,000 members with 30 locations throughout the Madison and Milwaukee areas. For more information, visit www.summitcreditunion.com or call 608-243-5000 or 1-800-236-5560.