Summit Credit Union, Veterans’ Administration Credit Union Announce Merger
MADISON, WI — Summit Credit Union and Milwaukee-based Veterans’ Administration Credit Union (VACU) announced the upcoming merger of the two organizations that is anticipated to become effective in September 2013.
VACU’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 VACU will become Summit Credit Union members.
“Operating with the core philosophy of people helping people, Summit Credit Union shares VACU’s commitment to exceptional member service and satisfaction of its employees,” said Kelly D. Harrington, president of VACU. “In Summit, we have found a strong merger partner and we are excited to take this important step forward.”
“VACU is a financially healthy, growing credit union with a deep connection with the VA Medical community,” said Kim Sponem, CEO/president of Summit Credit Union.
“The merger with VACU allows us to add to our full-service, convenient locations in the Milwaukee area as we increase our overarching commitment to our members in the Greater Milwaukee area.” Sponem will continue her role as CEO/president.
The VACU is located in the Milwaukee VA Medical Center, located on 5000 W. National Ave., in Milwaukee, and will continue operation at that location. So, combined, Summit Credit Union’s current 12,500 Milwaukee-area members and VACU’s 2,800 members will all have more locations available for their convenience.
The merger is contingent on final approval from Veterans’ Administration Credit Union’s membership, as well as regulators. Employees of the two credit unions were notified of the planned consolidation in February. They were advised that no changes in employment are planned. Harrington will continue on in a leadership role to oversee the transition of the merger and strategic focus into the future.
The combined credit union will hold $1.9 billion in assets and serve 131,000 members with a total of 24 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.
About Veterans’ Administration Credit Union
Established in 1932, membership at VACU is open to any person that resides or is employed in the counties of Milwaukee, Ozaukee, Washington or Waukesha, Wis. VACU serves 2,800 members and holds $15 million in assets. For more information, visit www.vacumilw.org.
About Summit Credit Union
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.8 billion in assets and has more than 128,000 members with a total of 23 locations throughout the Madison and Milwaukee areas. For more information, visit www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.