Summit Credit Union to merge with Janesville credit union

Special to The Freeman

Feb. 17, 2014

MADISON — Summit Credit Union announced Thursday that it will be merging with Janesville-based Educational Employees Credit Union, which is anticipated to become effective this summer.

According to the announcement, EECU’s Board of Directors and management staff unanimously selected Summit Credit Union as a merger partner. 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, in a statement. “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.”

The merger is contingent on final approval from EECU’s membership on March 3 and then regulators’ approval. All current employees will stay with the credit union and Berken will continue in a leadership position.

“Both credit unions are strong and well aligned in our overarching commitment to our members, employees and the community,” said Kim Sponem, CEO and president of Summit Credit Union, in a statement. “This is an exciting partnership for both credit unions.”

Sponem will continue as CEO and president.

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, according to the announcement.