MONROE, Wis. — Summit Credit Union has agreed to purchase Associated Bank’s Monroe, Wis., branch and deposit accounts.
Loans and other non-deposit product relationships will be retained by Associated Bank, the Madison, Wis., CU reported.
Following approvals from state and federal agencies, Summit said it expects deposit accounts to transition to Summit Credit Union in the first quarter of 2021.
The existing Monroe location will remain open and employees will become employees of Summit Credit Union.
The $4.3-billion Summit has more than 205,000 members and 662 employees across 44 locations throughout south-central and southeastern Wisconsin.
"We’re excited to grow our presence in South Central Wisconsin, adding the Monroe community to our growing branch network,” said Summit CEO and president Kim Sponem. “Our vision is to help our members enable their dreams, achieve financial wellness and lead richer lives. Operating with the core credit union philosophy of people helping people, Summit is committed to exceptional member service, satisfaction of its employees and commitment to financial education,” added Sponem.
The Monroe location brings Summit’s total to 46 branches across southern Wisconsin.
Summit Credit Union was advised on the transaction by Dan Martin of McQueen Financial Advisors and Michael Bell, a partner and co-chair of the Financial Institutions Practice Group at Honigman, LLP, Kalamzoo, Mich.
"Credit union purchases of bank branches continue, and I think both CUs and banks are seeing the mutual benefits of these transactions. Expect additional announcements of similar transactions in the near future. If you are a bank considering closing or selling branches, credit unions are strong buyers," said Bell, whio has pioneered credit union purchases of banks—having completed more than 35 such deals and innumerable bank branch purchases.