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Commerce State Bank acquired by Summit Credit Union

“Commerce State Bank is an exceptionally well-run institution and has experienced tremendous growth. We look forward to building on their success with our strengths in in mortgage and small business lending, helping people with their everyday financial needs and our award-winning financial wellness programs.” Kim Sponem, CEO/President, Summit Credit Union

The sale of Commerce State Bank to Summit was unanimously approved by both boards of directors and is pending Commerce State Bank shareholder and regulatory approval. It is expected to close in the third quarter of 2022. The combined company will have assets approaching $6 billion and will have 54 locations. Kim Sponem, CEO & President of Summit Credit Union, will remain the CEO of the combined organization.

Latest Updates and Info

We’ll use this space for updates and information as the approval and acquisition process proceeds.