Summit Credit Union
TypeCredit union
IndustryFinancial services
Founded1935 (1935)
Headquarters
Cottage Grove, Wisconsin
,
United States
Number of locations
49 (2022)
Key people
Kim Sponem (CEO)
AUM$4.9 billion (2022)
Number of employees
780
Websitesummitcreditunion.com
Footnotes / references
[1][2]

Summit Credit Union, founded in 1935, is a credit union that was once based in Madison, Wisconsin, United States. In 2019 they moved their headquarters to nearby Cottage Grove, Wisconsin. Since April 2022, it has 49 locations throughout the state.[3] Summit has more than 227,000 members and $4.9 billion in assets, making it one of the largest credit unions in the state.[4][5][6] Summit Credit Union is regulated by the National Credit Union Administration (NCUA) as a federally insured state-chartered credit union. It was officially chartered in 1935 and was assigned NCUA charter number 67190.[7]

History

Kim Sponem, CEO & President of Summit Credit Union, has been a credit union CEO for more than 20 years, including the top job when Summit was named Great Wisconsin Credit Union and, originally, CUNA Credit Union.[8]

CUNA, Inc. founded CUNA Credit Union, known today as Summit Credit Union, on September 17, 1935 in Madison, Wisconsin to serve the credit union movement and anyone else who was in need of credit union services. This unique charter was granted by the Wisconsin bank commissioner in 1935.[7]

The first location was in its sponsor company, in the Filene House. Credit union movement pioneers and organizers Thomas Doig and Roy Bergengren were early advocates for the formation of CUNA Credit Union to ensure all people everywhere had access to credit union membership. Back then, employees of a credit union could not borrow from their credit union. The credit union was there to ensure that employees could still receive their product needs from a credit union and that state leagues across the country had access to a credit union for their banking needs.[9]

Shortly after establishing this credit union, CUNA Mutual was formed to provide insurances and other services to credit unions and became one of its sponsor groups in addition to CUNA, Inc. The credit union expanded to other credit union entities as they were created, including World Council of Credit Unions (WOCCU), Credit Union Executive Society (CUES) and Filene and expanded to serve anyone, anywhere.

In 2005, CUNA Credit Union changed its name to Great Wisconsin Credit Union (GWCU) and then, in 2008, changed its name to Summit Credit Union, merging in the former Summit Credit Union, formerly State Capitol Employees Credit Union, maintaining CUNA/Great Wisconsin’s original charter and field of membership.[10][11][12][13]

References

  1. ↑ Newman, Judy (February 23, 2010). "Summit and State Central credit unions announce plans to merge". Madison.com. Madison Newspapers. Retrieved December 31, 2011.
  2. ↑ Newman, Judy (February 16, 2015). "Summit Credit Union to merge with Janesville credit union". Wisconsin State Journal. Retrieved August 4, 2015.
  3. ↑ "Summit Credit Union opens full‐service branch in Oconomowoc". CUInsight. November 2018. Retrieved February 27, 2019.
  4. ↑ "Results". Archived from the original on February 28, 2019. Retrieved July 25, 2023.{{cite web}}: CS1 maint: unfit URL (link)
  5. ↑ Newman, Judy (July 10, 2010). "Executive Q&A: Andy Faust, CEO of Summit Credit Union". Madison.com. Madison Newspapers. Retrieved January 1, 2012.
  6. ↑ "Wisconsin credit union membership rises to all-time high". Milwaukee Journal Sentinel. Retrieved May 10, 2018.
  7. 1 2 "Credit Union Online". National Credit Union Administration. Archived from the original on January 14, 2010. Retrieved January 5, 2012.
  8. ↑ January 29, Staff Writer |; Magazine, 2002 at 07:00 PM | Originally published on Credit Union Times. "Sponem named CUNA CU CEO". Credit Union Times. Retrieved January 29, 2019.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ↑ "CUNA Credit Union - Cunacu.org". www.cunacu.org. Retrieved February 27, 2019.
  10. ↑ BALOUSEK, MARV. "GROWTH SPURT MADISON'S SUMMIT CREDIT UNION WILL MERGE WITH ONE IN MILWAUKEE". madison.com. Retrieved February 27, 2019.
  11. ↑ "Milwaukee Journal Sentinel - Google News Archive Search". news.google.com. Retrieved February 27, 2019.
  12. ↑ "Summit ascends to No. 1 in state". nl.newsbank.com. July 25, 2010. Archived from the original on March 7, 2016. Retrieved July 24, 2023.
  13. ↑ services, State Journal staff, The Capital Times, wire. "ECONOMY WATCH". madison.com. Retrieved February 27, 2019.{{cite web}}: CS1 maint: multiple names: authors list (link)
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