Summit Credit Union, a member-owned financial institution, has bought Commerce State Bank, a bank headquartered in West Bend, Wis.
The combined company has assets of over $6 billion and 54 locations. Summit will add branches in West Bend, Sheboygan, Cedarburg and Elm Grove as a result of the deal. The acquisition brings Summit’s member count to over 235,000 members and also marks Summit Credit Union’s first acquisition of a bank.
“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,” says 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 was advised on the transaction by McQueen Financial Advisors and Honigman LLP. Commerce State Bank was advised on the transaction by Hillworth LLC and Reinhart Boerner Van Deuren S.C.