GREENSBORO, N.C.–Summit Credit Union said it will be absorbing via merger Corning Cable Systems Credit Union in Hickory, N.C.
The 3,800 members of the $33-million Corning Cable Systems CU voted in favor of the merger on Feb. 1.
Corning Cable Systems Credit Union had roughly 3,800 members and assets of $34 million. It has been serving employees of Corning Cable Systems, Corning Corporation, and US Conec and family members, since 1962.
Through the merger, Summit Credit Union will gain five additional employees, including the CEO of Corning Cable System CU, Marc Jacobson, who will join Summit as the executive vice president of risk management and mortgage lending.
To accommodate the growth from the merger, Summit Credit Union said it is constructing a new Hickory branch at 102 First Avenue NE. Construction is expected to be completed near the end of April.
“The merger of Corning Cable Systems Credit Union provided us the impetus to build a new, larger branch in Hickory. The new branch will allow us to improve service to our existing members in the area,” said Sam Whitehurst, president and CEO of Summit Credit Union, in a statement. “It also shows our service commitment to our existing business partners and our overall commitment to Hickory area.”
The $220-million Summit CU, which was chartered in 1935, has 33,000 members. It positions itself primarily as an employee benefit serving over 200 employers in North Carolina.