MADISON, Wis. — Summit Credit Union and Educational Employees Credit Union (EECU) announced that they will merge the two institutions in a transaction expected to close this summer.
The $2 billion Summit CU will absorb the $13.6 million EECU in Janesville, Wis.
"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, EECU's CEO, 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."
Summit indicated that all current employees will stay with the merged credit union and that Berken will "continue in a leadership position."
Kim Sponem, president and CEO of Summit, said that both credit unions "are strong and well-aligned in our overarching commitment to our members, employees and the community. This is an exciting partnership for both credit unions."
Sponem will continue her role as CEO and president of the combined entity.
The merger remains subject to final approval by both EECU's current membership at a meeting scheduled to be held on March 3, as well as approval by regulators.
On a combined basis, the merged credit union will hold more than $2.1 billion in assets and serve more than 143,000 members.