Summit Credit Union

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Summit Credit Union
Credit union
Industry Financial services
Founded 1935 (1935)
Headquarters Madison, Wisconsin, United States
Number of locations
34 (2016)
Key people
Kim Sponem (CEO)
AUM $2 billion (2015)
Website summitcreditunion.com
Footnotes / references
[1][2]

Summit Credit Union, founded in 1935, is a credit union based in Madison, Wisconsin. As of 2015, Summit has 34 locations throughout the state of Wisconsin.[3] Summit currently has more than 153,000 members and $2 billion in assets, making Summit one of the largest credit unions in the state of Wisconsin.[1][2][4][5] Summit Credit Union is regulated by the National Credit Union Administration (NCUA) as a federally insured state-chartered credit union. Summit was officially chartered in 1935 and was assigned NCUA charter number 67190.[6]

History[edit]

CUNA and CUNA Mutual Group founded CUNA Credit Union, known today as Summit Credit Union, on September 17, 1935 in Madison, Wisconsin to serve the credit union movement and anyone else who was in need of credit union services. The first branch was in the basement of the Wisconsin State Capitol and membership was limited to Wisconsin state employees.[7] This unique charter was granted by the Wisconsin bank commissioner in 1935 to ensure there was a place where everyone could have access to a credit union.[6] The credit union moved their offices from the Capitol to Wilson street, then West Washington Avenue. By 1959, the credit union had $1 million ($8.22 million in today's dollars) in assets increasing to $100 million in 1990 ($183 million today).[7] State Capitol Employees Credit Union changed their charter in 1995 to allow membership to anyone living or working in Dane County, Wisconsin. They moved their headquarters to 4800 American Parkway, around that same time.[7] In 1996, the name was shortened to State Capitol Credit Union, and in 2001 it changed to Summit Credit union after merging with Commonwealth Credit union.[7]

Andy Faust was named CEO in 1982, and has overseen five credit union mergers. The largest of these has been with Great Wisconsin Credit Union, which resulted in Summit becoming the largest credit union in Wisconsin.[5][8] Faust retired September 30, 2010 and Kim Sponem became the new CEO of Summit Credit Union on October 1, 2010. [9]

Journal Credit Union[edit]

The Milwaukee based Journal Credit Union merged with Summit in fall 2007. This merger resulted in the addition of the Journal's 3,700 members and $29 million assets to Summit's then 61,000 members and $677 million assets.[10][11]

Merger with Great Wisconsin Credit Union[edit]

On November 29, 2007, Great Wisconsin Credit Union announced a merger with Summit Credit Union under the Summit name.[12] Several months later, on March 17, 2008, Great Wisconsin Credit Union and Summit announced that the merger was cleared by the National Credit Union Administration and the Wisconsin Department of Financial Institutions, despite concerns raised by the Wisconsin Bankers Association. The Wisconsin Bankers Association noted that because the organization is a credit union, the merged organization would be exempt from state taxes. They also noted that the organization would be larger than 95 percent of the state's taxable banks.[13] The merger was finalized, and took place in the Fall of 2008. This resulted in the creation of the largest credit union in the state of Wisconsin with over $1.1 billion in assets.[14][15]

See also[edit]

References[edit]

  1. ^ a b Newman, Judy (February 23, 2010). "Summit and State Central credit unions announce plans to merge". Madison.com. Madison Newspapers. Retrieved December 31, 2011. 
  2. ^ a b Newman, Judy (February 16, 2015). "Summit Credit Union to merge with Janesville credit union". Wisconsin State Journal. Retrieved August 4, 2015. 
  3. ^ "Summit Credit Union". Credit Unions Online. Retrieved December 31, 2011. 
  4. ^ Newman, Judy (December 13, 2011). "Credit union industry sees increase in business in 2011". Madison.com. Wisconsin State Journal. Retrieved December 31, 2011. 
  5. ^ a b Newman, Judy (July 10, 2010). "Executive Q&A: Andy Faust, CEO of Summit Credit Union". Madison.com. Madison Newspapers. Retrieved January 1, 2012. 
  6. ^ a b "Credit Union Online". National Credit Union Administration. Retrieved January 5, 2012. 
  7. ^ a b c d Balousek, Marv (September 2, 2007). "Growth Spurt Madison's Summit Credit Union will merge with one from Milwaukee". Madison.com. Retrieved August 5, 2015. 
  8. ^ "Andy Faust". In Business magazine. February 1, 2009. Retrieved January 1, 2012. 
  9. ^ "Summit Credit Union: Kim Sponem takes helm as Summit Credit Union CEO". WisBusiness. October 12, 2010. Retrieved March 4, 2012. 
  10. ^ "Journal, Summit credit unions to merge". American City Business Journals. May 23, 2007. Retrieved January 1, 2012. 
  11. ^ Gores, Paul (May 24, 2007). "Journal, Summit credit unions plan to merge". Milwaukee Journal Sentinel. Retrieved January 1, 2012. 
  12. ^ Gores, Paul (November 30, 2007). "Biggest Credit Union planned". Milwaukee Journal Sentinel. Retrieved December 31, 2011. 
  13. ^ "Summit, Great Wisconsin credit union merger wins approvals". American City Business Journals. March 17, 2008. Retrieved December 31, 2011. 
  14. ^ Gores, Paul (July 25, 2010). "Summit ascends to No. 1 in state | Credit union climbs to top through mergers, business growth, plans to continue". Milwaukee Journal Sentinel. Retrieved December 31, 2011. 
  15. ^ "Economy Watch". The Capital Times. June 6, 2009. Retrieved December 31, 2011.