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