Summit Credit Union President/CEO Kim Sponem joined us on the show to share the news about Summit recently buying $837 million Commerce State Bank — the largest credit union/bank acquisition in Wisconsin’s history.
Kim talked about why they bought a bank -- strategies/thoughts behind this move. She commented on Commerce's stellar commercial lending portfolio for mortgage and small business lending being one of the reasons.
Overall, she talked about how this business move will benefit the credit union and members -- and why banks actually prefer credit unions to buy them if they are for sale.
Lastly, she addressed the record-breaking aspect of the deal, which brings Summit's assets to $6 billion, 235,000 members and 54 locations throughout Wisconsin.
Check it out and let us know your thoughts. And be sure to watch the entire interview below for all the details.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.