Source: Shutterstock.The $4.2 billion Summit Credit Union in Cottage Grove, Wis., signed an agreement with Associated Banc-Corp to purchase its Monroe, Wis., branch and deposit accounts.
According to the FDIC, the branch manages $32.7 million in deposits. Loans and other non-deposit product relationships will be retained by Associated Bank.
Financial terms of the deal announced Tuesday were not disclosed.
This agreement came after Associated Bank, based in Green Bay, Wis., announced on Sept. 4 its plans to consolidate 14 branches in Wisconsin. The growing use of digital banking, transaction trends and proximity to other Associated Bank locations were factors in the decision, the bank said.
In a prepared statement, Summit President/CEO Kim Sponem said the credit union is excited about growing its presence in south-central Wisconsin and the Monroe community.
The bank branch has five employees and serves 1,628 households, the credit union said.
The Monroe location will bring Summit’s total number of branches to 46 across southern Wisconsin.
Following the anticipated approval of the purchase by state and federal regulators, deposit accounts will transition to the credit union in the first quarter of 2021.