MADISON, Wis. Summit CU announced an agreement to acquire Milwaukee’s Veterans’ Administration CU, a $15-million credit union with a single branch inside the Milwaukee VA Medical Center.
“The merger with VACU allows us to add to our full-service, convenient locations in the Milwaukee area as we increase our overarching commitment to our members in the Greater Milwaukee area,” said Kim Sponem, president of $1.8-billion Summit CU.
Veteran’s Administration is a healthy credit union with 2,800 member and more than 8% net worth. It has had slim margins in recent years, with just $34,211 in net income for 2012 and $10,392 in net for 2011.
The credit union was chartered in 1932 and serves people in the four surrounding counties of Milwaukee, Ozaukee, Washington and Waukesha.
