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School board considering Summit CU in-school branch
MADISON, Wis. (2/3/10)--The Madison, Wis., School Board is considering a proposal that would place a Summit CU branch in LaFollette High School to serve students and staff. The $1.36 billion-asset Summit would operate the branch with two teller lines staffed by student interns, and feature a check-writing area and a safe-equipped office for the branch manager, according to a front-page article in the Wisconsin State Journal (Feb. 1). Wisconsin has 86 school-based credit unions statewide--second in the U.S. behind Michigan with 341, according to the Wisconsin Credit Union League. Savings in Wisconsin youth credit unions total $1.6 million, the league added. The school board could vote Monday on whether to allow the credit union to proceed, the newspaper said. The proposal stipulates that $100,000 in construction costs would be paid by Summit; $100,000 would be financed with a no-interest, 10-year loan; and the high school would raise the remainder of the necessary funds--roughly $12,000, the paper said.
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