Members of STAR Credit Union approved a proposal on Wednesday to merge the institution into Summit Credit Union.
Jeremiah DeGollon, vice president of relationship development and advocacy at Summit, told Credit Union Journal by email that “the merger will now proceed within the regulatory process, with an anticipated completion date of April 1, 2019.”
DeGollon added that STAR CU has one part-time staff person who will remain with Summit.
Summit is a $3.2 billion-asset institution based in Madison, Wis.
Star is also based in Madison and has assets of about $32,000 and about 700 members.
Star CU posted a net loss of $6,971 in 2018, after recording net income of $2,943 in the prior year.
Summit posted earned about $39.1 million in 2018, a 3.5 percent increase from the prior year.
