Summit Credit Union of Greensboro, N.C., announced that it has completed its acquisition of Corning Cable Systems Credit Union of Hickory, N.C.
Members of CCSCU had voted in favor of the merger in October 2016. On February 1, 2017, CCSCU officially became part of Summit CU.
CCSCU had about 3,800 members and assets of $34 million. It had been serving employees of Corning Cable Systems, Corning Corp. and US Conec and their family members since 1962.
The newly combined entity has assets of about $220 million.
Through the merger, Summit CU will also gain five additional employees including the former CEO of CCSCU, Marc Jacobson, who now joins Summit CU as the EVP of risk management and mortgage lending.
Also, to accommodate the growth arising from the merger, Summit CU is constructing a new branch in Hickory.
“The merger of Corning Cable Systems Credit Union provided us the impetus to build a new, larger branch in Hickory,” said Sam Whitehurst, president and CEO of Summit CU. “The new branch will allow us to improve service to our existing members in the area. It also shows our service commitment to our existing business partners and our overall commitment to Hickory area.”
