MADISON, Wis. (5/28/10)--State and federal regulators have approved the merger of Summit CU in Madison, Wis., and State Central CU, West Allis, Wis., effective June 30. The two credit unions said Wednesday the merger was approved by the Wisconsin Department of Financial Institutions and the National Credit Union Administration (milwaukee.bizjournals.com May 26). With the merger, State Central members will become Summit CU members and Jim Corragio, State Central CEO, will retire. Andy Faust is CEO of Summit CU. “State Central is not having any financial difficulties,” Rebecca Gerothanas, Summit senior vice president of marketing, told News Now. “It is very well-capitalized. It wants to offer more value and products to members. Also, they knew Summit was looking to expand in the Milwaukee area, so it was a good fit.” Although the merger becomes effective June 30, systems and products will be converted Sept. 1, Gerothanas said. Summit CU has $1.4 billion in assets and has more than 108,000 members with 20 locations in Madison and Milwaukee. State Central CU has $68 million in assets and 8,600 members, with four locations in the Milwaukee and West Bend, Wis., areas.