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Summit Credit Union Acquires Assets, Assumes Liabilities Of Commerce State Bank In Historic Partnership

October 3, 2022 undefined MADISON, Wis. (Oct. 3, 2022)—Summit Credit Union announced today the completion of its purchase of Commerce State Bank, headquartered in West Bend, Wis., in the largest credit union acquisition of a bank in the state’s history and one of the largest in the country. The combined company has assets over $6 billion and 54 locations. The acquisition increases Summit’s membership to more than 235,000 members.   This is Summit Credit Union’s first acquisition of a bank. Kim Sponem, CEO & President of Summit Credit Union, will remain the CEO & President of the combined organization. Summit will add branches in West Bend, Sheboygan, Cedarburg, and Elm Grove as a result of the purchase. “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,” said Sponem. “Commerce State Bank’s stellar commercial lending portfolio adds to our strengths in mortgage and small business lending.” “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,” said Mary Turke, Summit Board Chairperson. “Commerce State Bank’s similar values reflect Summit Credit Union’s focus on the wellbeing of our members, employees and communities.” Summit Credit Union is Wisconsin’s No. 1 Mortgage Lender and has been the largest credit union lender of SBA loans to small businesses in Wisconsin for over a decade.   Both the bank and credit union have won Top Workplaces awards in recent years. Commerce employees will remain part of the combined organization. Summit Credit Union was advised on the transaction by Dan Martin of McQueen Financial Advisors and Mike Bell of Honigman, LLP. Commerce State Bank was advised on the transaction by Hillworth, LLC and Reinhart Boerner Van Deuren, S.C.  The merger of business operations will be completed in 2023. Customers of Commerce State Bank, who immediately become members of Summit Credit Union, and existing Summit members will continue to use their current branches until that time. Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA