MADISON, Wis. – Summit CU, one of the healthy larger credit unions growing through merger, said yesterday it has agreed to acquire State Central CU, a one-time $74 million Milwaukee credit union.
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The acquisition of State Central comes about a year after Summit’s merger with Great Wisconsin CU. Summit is the state’s largest credit union with more than $1.4 billion in assets.
State Central, though healthy, with a solid $885,000 operating net for 2009 and a whopping 19% networth, has declined in size over the past six months from $74.1 million to $68.8 million at the end of 2009.
