MADISON, Wis. – State regulators have approved the merger of State Central CU into Summit CU, which will result in the retirement of State Central’s CEO Jim Coraggio.
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West Allis-based State Central has $68 million in assets and had a $122,000 net for the first quarter of 2010.
Summit CU, which has $1.4 billion in assets and reported a $2.4 million net for the first quarter, merged last year with Great Wisconsin CU.
The merger is anticipated to become effective June 30. Systems and products will be converted on Sept. 1, at which time members of both entities will be able to begin using all branch locations.
