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Summit Credit Union, Veterans’ Administration Credit Union Merger Plans Forge Ahead

Proposed merger approved by Veterans’ Administration Credit Union members, Wisconsin Department of Financial Institutions and NCUA

MADISON, WI (June 10, 2013) The move to merge Summit Credit Union and Veterans’ Administration Credit Union (VACU) has garnered a nod of approval from the VACU membership as well as regulatory approval from the Wisconsin Department of Financial Institutions and the National Credit Union Administration (NCUA).

The merger, from which VACU members will become members of Summit Credit Union, is anticipated to become effective September 1, 2013. Systems and products will be converted in February 2014, at which time members of both entities will be able to begin using all branch locations.  The merger will result in a combined credit union with $1.9 billion in assets, serving 131,000 members with a total of 24 branches throughout Wisconsin.

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.

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