MADISON, Wis.— The $2.1-billion Summit Credit Union here plans to acquire Educational Employees Credit Union, with the deal expected to be completed this summer.
The merger is contingent on a March 3 vote from EECU’s membership, and on regulators’ approval.
“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 the $14-million EECU in a release. “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 President and CEO Kim Sponem described both CUs as “strong” and “well-aligned.”
“This is an exciting partnership for both credit unions.” Sponem said will continue her role as CEO/president.
According to a joint release, EECU’s one location, based in Janesville, Wis., will continue operations, all current employees will stay with the credit union, and Berken will continue in a “leadership position.”