MADISON, Wis. (6/24/13)--Three mergers involving credit unions in Wisconsin and New York were announced in the past week and a half.
Members of Milwaukee, Wis.-based Veterans Administration CU, which has $15 million in assets and was established in 1932, approved plans to merge with Summit CU, a $1.8 billion asset credit union in Madison, effective Sept. 1.
After the merger, Summit will have $1.9 billion in assets, 131,000 members and 24 branches. Both the Wisconsin Department of Financial Institutions and the National Credit Union Administration have approved the move. The two credit unions' systems will not be fully converted until February 2014. (The Capital Times and Wisconsin State Journal June 11).
The boards of Kimberly, Wis.-based Capital CU and Green Bay, Wis.-based Pioneer CU have agreed to merge the credit unions in 2014. Capital has $456.7 million in assets and 34,377 members. Pioneer has $570.7 million and 54,430 members. The surviving credit union will be called Capital Pioneer CU and have more than $1 billion in assets, a membership totaling nearly 90,000 members and 25 branches.
Tom Young, president of Pioneer, said that being cooperatives means making decisions "based only on how it affects the members. There are no stock swaps, no big buyouts, no money changing hands." The structure "allows us to take advantage of economies of scale and better adjust to ever-increasing government regulations, maximizing the benefits to our members."
A vote to ratify the merger will be held for Pioneer members later this summer. Capital's members will vote on the name change at its annual meeting in February. They plan to complete the merger in mid-2014.
In Long Island, N.Y., Island FCU and CWA Long Island FCU announced they will merge, effective June 30. All CWALIFCU members will automatically become members of the $900 million asset Island FCU. They will have access to six--and soon to be seven--Island branches throughout Nassau and Suffolk Counties, and will have immediate access to more than 5,000 shared branches, 30,000 surcharge-free ATMs, Free Online Banking and Bill Payer, as well as 24/7 member service.