FAQs for Commerce State Bank Clients
Commerce State Bank announced on March 3rd that it is being acquired by Summit Credit Union. Partnering with Summit will provide significant benefits to you as a client of Commerce State Bank:
- More locations – Combined we will have more than 50 offices throughout Southern Wisconsin.
- Increased lending limits.
- Enhanced deposit account offerings.
- Expanded personal loan options.
- More mortgage choices – Summit is Wisconsin’s #1 Mortgage Lender.
- Summit is the #1 credit union SBA lender in Wisconsin and is consistently in the top 10 for all Wisconsin financial institutions
Integrating the two financial institutions requires significant planning and execution. We expect the sale to close in the third quarter of 2022. In the meantime, continue interacting with Commerce State Bank just as you have been. We will keep you informed of our progress.
You will receive another letter from us in the coming weeks with more specific information. Your deposits will continue to be insured with the FDIC until closing, at which time they will be insured by the NCUA. More specific information on this will be sent to you within a few weeks.
What do I need to do?
Will my account change?
Are the Commerce State Bank offices closing?
Will all the people be different?
Why are they doing this?
Will the name change?
Yes, Commerce State Bank will merge into Summit Credit Union.
Will this require regulatory approval?
Where can I learn more about Summit Credit Union?
Where is Summit Credit Union located?
Is Summit larger than Commerce State Bank?
Is Summit a new company?
Are my deposits insured at Summit?
Is Summit regulated?
Who owns Summit Credit Union?