COMMERCE STATE BANK TO BE ACQUIRED BY SUMMIT CREDIT UNION

An agreement has been reached in which Summit Credit Union will acquire substantially all assets and liabilities of Commerce State Bank.

Madison-based Summit Credit Union, the second-largest C.U. in Wisconsin, will now have combined company assets approaching $6 billion and will have 54 locations.  The move is historic in that Commerce State Bank is the first bank the Credit Union will acquire.

The acquisition was unanimously approved by both boards of directors and awaits shareholder and regulatory approval.  Under the agreement, Kim Sponem, CEO & President of Summit Credit Union, will remain the CEO of the combined organization.

Commerce State Bank has sattelite locations in Sheboygan, Elm Grove and Cedarburg, besides at its headquarters in West Bend.