MADISON, Wis. Summit CU’s bid to expand its Milwaukee branches with a deal for Veterans’ Administration CU was approved by members of the $15-million credit union, NCUA and state regulators.
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The merger will give the $1.9-billion Summit CU a branch inside the Milwaukee VA Medical Center, its fourth Milwaukee branch. Veterans’ Administration is a healthy, 81-year-old credit union with 8% net worth and marginal net income that serves the Wisconsin counties of Milwaukee, Ozaukee, Washington and Waukesha.
Summit expects the merger to become effective Sept. 1, with systems and products fully converted in February 2014.
