Summit Credit Union acquires assets, assumes liabilities of Commerce State Bank in historic partnership
MADISON, Wis. (Oct. 3, 2022)—Summit Credit Union announced today the completion of its purchase of Commerce State Bank, headquartered in West Bend, Wis., in the largest credit union acquisition of a bank in the state’s history and one of the largest in the country.
The combined company has assets over $6 billion and 54 locations. The acquisition increases Summit’s membership to more than 235,000 members.
This is Summit Credit Union’s first acquisition of a bank. Kim Sponem, CEO & President of Summit Credit Union, will remain the CEO & President of the combined organization. Summit will add branches in West Bend, Sheboygan, Cedarburg, and Elm Grove as a result of the purchase.
“Summit is thrilled to have even more opportunities for more members to access their dreams with our growing footprint in Wisconsin and our exceptional financial services, including outreach to women and a commitment to financial wellness for all,” said Sponem. “Commerce State Bank’s stellar commercial lending portfolio adds to our strengths in mortgage and small business lending.”
“Our entire organization believes that Commerce State Bank’s cultural and geographic fit will enhance benefits to Commerce State Bank customers and Summit Credit Union members,” said Mary Turke, Summit Board Chairperson. “Commerce State Bank’s similar values reflect Summit Credit Union’s focus on the wellbeing of our members, employees and communities.”
Summit Credit Union is Wisconsin’s No. 1 Mortgage Lender and has been the largest credit union lender of SBA loans to small businesses in Wisconsin for over a decade.
Both the bank and credit union have won Top Workplaces awards in recent years. Commerce employees will remain part of the combined organization.
Summit Credit Union was advised on the transaction by Dan Martin of McQueen Financial Advisors and Mike Bell of Honigman, LLP. Commerce State Bank was advised on the transaction by Hillworth, LLC and Reinhart Boerner Van Deuren, S.C.
The merger of business operations will be completed in 2023. Customers of Commerce State Bank, who immediately become members of Summit Credit Union, and existing Summit members will continue to use their current branches until that time.
About Summit Credit Union:
Established in 1935, Summit Credit Union is a member-owned financial cooperative. Summit holds $6 billion in assets and has more than 235,000 members and more than 800 employees across 54 locations throughout south-central and southeastern Wisconsin. Since 2002, Kim Sponem has been CEO & President of Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union. Recognized for its excellence in employee engagement, Summit was named a Top Workplace in the USA in 2021 and 2022 by Top Workplaces USA and a Top Workplace in the Madison area for 2022 and 2021 by the Wisconsin State Journal.
For more information, visit www.summitcreditunion.com or call 608-243-5000 or 800-236-5560.
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