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?
Nothing! As we work through integrating our two organizations and regulatory approvals, continue to interact with Commerce State Bank as you always have.
Will my account change?
Not at this time. As work through integrating our organizations and systems, we will communicate any changes to you well in advance. And we will work diligently to ensure minimal disruption.
Are the Commerce State Bank offices closing?
No, all will remain open.
Will all the people be different?
No, we want all Commerce State Bank employees to continue with Summit and they will all have the opportunity to do so. Both Commerce State Bank and Summit Credit Union have been recognized as Top Employers. Of course, each person will make their own decision.
Why are they doing this?
Both organizations see tremendous synergies in combining their respective strengths into a single, larger more competitive financial institution.
Will the name change?
Yes, Commerce State Bank will merge into Summit Credit Union.
Will this require regulatory approval?
Yes, and both companies expect that to be a smooth process and for it to take 4-6 months.
Where can I learn more about Summit Credit Union?
Summitcreditunion.com
Where is Summit Credit Union located?
Summit is headquartered in Cottage Grove, WI (near Madison). They have 50 locations in south-Central and south-eastern Wisconsin including 13 in the greater Milwaukee area.
Is Summit larger than Commerce State Bank?
Yes, Summit has $4.8 billion in assets. Commerce has $830 million. Summit has 750 employees. Commerce has 80 employees. Summit has 48 locations. Commerce has 4 locations.
Is Summit a new company?
Summit was founded in 1935 and has grown through mergers and organically. Summit’s CEO, Kim Sponem, has been CEO for 20 years.
Are my deposits insured at Summit?
Yes, Summit’s deposits are insured by the NCUA in the same amounts and limits as Commerce’s FDIC insurance.
Is Summit regulated?
Yes, it is regulated by the NCUA and State of Wisconsin Department of Financial Institutions.
Who owns Summit Credit Union?
Summit is owned by its members, which are its customers. Much like a mutual insurance company is owned by its customers or policy holders. Credit unions do not have shareholders.