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Wisconsin bankers oppose merger of two credit unions


The proposed merger of two Madison-area credit unions that would be the largest in Wisconsin history is being criticized by a state banker's association. The Wisconsin Bankers Association says the merger is another example of credit unions moving away from their primary mission of serving low and moderate income members. Summit Credit Union and Great Wisconsin Credit Union announced on Nov. 29, 2007, that they plan to merge by January 2009 in a deal that would create the largest credit union in Wisconsin with more than $1.1 billion in assets. Officials with the two credit unions said the merger creates business efficiencies and better service for customers. The new credit union will be named Summit Credit Union.

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