Acquisition announcement. (Source: Shutterstock)
Seven months after announcing the proposed acquisition of the West Bend, Wis.-based Commerce State Bank, the Cottage Grove, Wis.-based Summit Credit Union finalized what officials said is the largest credit union acquisition of a bank in the state's history.
On Monday, Summit officials said the acquisition of the $837 million bank was approved by regulators and the combined organization has more than $6 billion in assets, 235,000 members and 54 locations throughout Wisconsin.
This was the first bank acquisition by the credit union and Summit's President/CEO Kim Sponem will remain the leader of the combined organization. Summit said it plans to add new branches in the eastern portions of Wisconsin as a result of the acquisition.
Kim Sponem "Summit is thrilled to have even more opportunities for more members to access their dreams with our growing footprint in Wisconsin and our exceptional financial services, including outreach to women and a commitment to financial wellness for all," Sponem said.
"Commerce State Bank's stellar commercial lending portfolio adds to our strengths in mortgage and small business lending," she added.
"Our entire organization believes that Commerce State Bank's cultural and geographic fit will enhance benefits to Commerce State Bank customers and Summit Credit Union members," Summit Board Chair Mary Turke said. "Commerce State Bank's similar values reflect Summit Credit Union's focus on the well-being of our members, employees and communities."
According to a statement Monday, business operations between the two organizations will be merged in 2023.
On Saturday, the Phoenix-based Arizona Financial Credit Union announced it completed its purchase of assets and assumptions of liabilities of Horizon Community Bank in Lake Havasu City, Ariz.
According to officials, the transaction will allow Arizona Financial to expand into western Arizona and invest "in new products and services and help fund the expansion of services to additional new markets throughout Arizona."
"We believe that quality growth and diversification are essential to continued success in our industry, and we intend to achieve it both organically and through mergers or acquisitions," Ronald L. Westad, president/CEO of Arizona Financial, explained.
At the same time the transaction was finalized, Arizona Financial converted from a federally chartered credit union to a state chartered credit union. According to Saturday's statement, this move will allow the credit union to expand its field of membership into several new counties.
The newly-combined organization has more than $3.3 billion in assets and serves more than 155,000 members in 20 locations.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
