Credit Union And Investment Management: What's The Link?

Summit Credit Union is a member-owned financial cooperative that provides banking services, including savings, loans, and other financial services, to its members. It was established in 1935 and has since grown to hold $7.3 billion in assets, with over 261,100 members and 920 employees across 60 locations in Wisconsin. On the other hand, Summit Investment Management is a separate entity that offers investment advisory services. While both organizations share the word Summit in their names, further information is required to determine if they are affiliated or if it is merely a coincidence. It is possible that they operate independently of each other, serving different purposes and catering to distinct client needs.

Summit Credit Union's history and awards

Summit Credit Union was founded as CUNA Credit Union on September 17, 1935, in Madison, Wisconsin, by CUNA Inc. to serve the credit union movement and anyone else who needed credit union services. The credit union was established with an open field of membership and was granted a unique charter by the Wisconsin bank commissioner in the same year.

Back then, employees of a credit union could not borrow from their credit union, and CUNA Credit Union was established 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. CUNA Credit Union's first location was in its sponsor company, in the Filene House, and its second member was Roy Bergengren, one of the founders of the credit union movement.

In 1938, CUNA Credit Union had $19,321 in share deposits and 163 members. By 1944, over half of the loans were from outside Madison, many for employees of credit unions. By 1965, the credit union's assets had grown to $8.3 million, and it had more than 14,000 members. That year, it opened a new office at 2158 Atwood Avenue while continuing its branch in the CUNA complex.

In 1980, CUNA Credit Union introduced shared draft/checking accounts. From 1981 to 1994, the credit union was run by Ray Swanson. During this period, in 1984, it opened its third branch and a new home office with its first drive-up on Yellowstone Dr. In 1988, it introduced mortgages and Quick Teller, a 24-hour voice response system. By 1990, its assets had grown to $67.6 million, and it had 26,473 members.

In 1994, CUNA Credit Union introduced the Quick Loan, an automated way to apply for a loan over the phone. From 1994 to 1995, the credit union was run by Craig Esreal, and in 1995, it introduced its website. From 1995 to 2002, it was run by Mary Cunningham, and during this period, it introduced a contact center and internet banking for members.

In 2001, CUNA Credit Union celebrated $200 million in assets, made its first small business loan, introduced its first bilingual ATM and Spanish membership applications, and opened its fourth branch in Fitchburg, with personal video tellers. In 2002, Kim Sponem took over as CEO, and the credit union became the first in Waunakee. In 2004, its assets exceeded $300 million.

In 2005, CUNA Credit Union changed its name to Great Wisconsin Credit Union and founded STAR Credit Union for kids in the Boys & Girls Club of Dane County. In 2006, it introduced online check reordering and built a new home office on Rimrock Road. By 2007, its assets had grown to $400 million.

In 2008, Great Wisconsin Credit Union merged with the former Summit Credit Union (originally State Capitol Employees Credit Union) in the largest credit union merger in Wisconsin history. Members voted to change the merged entity's name to Summit Credit Union. From 2008 to 2010, the credit union was co-led by Kim Sponem and Andy Faust during the two-year transition.

In 2009, Summit Credit Union started Project Money, and in 2010, it introduced mobile banking for members. In 2011, it opened its first high school branch at La Follette, followed by Memorial in 2013 and East in 2016. In 2012, it turned its Fitchburg branch into an inspiration branch and, in 2013, held its first Summit Fest Annual Meeting and Obstacle Races.

By 2014, Summit Credit Union had $2 billion in assets, 142,880 members, and 28 locations. That year, it also paid out its first Cash Boomerang of $1.48 million. In 2018, its assets grew to $3 billion, with 175,000 members and 37 locations. In 2019, it moved into a new home office in Cottage Grove, and by 2020, its assets had reached $4 billion, with 200,000 members and 45 locations.

In 2021, Summit Credit Union introduced Zelle for person-to-person money transfers and made its largest donation to the Center for Excellence and Culture in south Madison. By 2022, its assets had grown to $6 billion, with 234,000 members and 50+ locations. That year, it also completed Wisconsin's largest acquisition of a bank by a credit union.

In addition to its growth and milestones, Summit Credit Union has received numerous awards and recognition over the years. Some of these awards include:

• America's Best Credit Unions in 2024

Services offered by Summit Credit Union

Summit Credit Union is a not-for-profit, full-service financial cooperative that offers a range of services to its members. Established in 1935, the union has grown to hold $7.3 billion in assets and serves over 261,100 members across 60 locations in Wisconsin.

• Checking Accounts: Student Free Checking is one of the offered checking accounts.
• Savings Accounts: This includes Health Savings Accounts, Money Market Maximizer, and Ultimate Money Market. They also provide savings tools such as a Savings Goal Calculator.
• Mortgages: Summit Credit Union offers a range of mortgage options, including first-time homebuyer guides, investment property loans, and home equity lines of credit. They also provide resources for auto buying and recreational vehicles.
• Loans: The union provides various loan options, including personal loans, student loans (private, graduate, and refinance), and energy-efficient loans.
• Credit Cards: Visa Platinum Rewards credit cards are available, along with a Balance Transfer Calculator to help members manage their credit.
• Retirement Planning: Members can access resources for retirement planning, such as Individual Retirement Accounts, retirement calculators, and guidance on saving for retirement.
• Investments: Summit Credit Union offers guided wealth portfolios and various investment options.
• Insurance: They provide insurance programs and help members calculate their insurance needs.
• Financial Education: The union is committed to financial literacy and provides various resources, including live-learning events, financial coaches, and blog posts with financial insights and tips.
• Online Services: Summit Credit Union offers online banking and a mobile app for members to conveniently manage their finances.

Summit Credit Union aims to empower its members with the tools and support needed to reach their financial goals and improve their financial literacy.

Summit Credit Union's merger with another credit union

Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union, has undergone several mergers since its establishment in 1935. In 2005, CUNA Credit Union changed its name to Great Wisconsin Credit Union (GWCU). Then, in 2008, GWCU merged with the former Summit Credit Union, which was previously known as the State Capitol Employees Credit Union. This merger allowed the newly formed Summit Credit Union to maintain CUNA/Great Wisconsin's original charter and field of membership.

In more recent years, Summit Credit Union has continued to expand through additional mergers with other credit unions. One notable merger was with the Greater Milwaukee Credit Union, which was finalised in 2024. This merger added over 2,000 new members to Summit Credit Union, bringing its total assets to $1.9 billion and raising its membership to more than 136,000. The combined entity now operates 28 branches in the Madison and Milwaukee areas.

Another merger mentioned was with the Educational Employees Credit Union in Janesville, although the details of this merger were not provided.

These mergers have contributed to the growth of Summit Credit Union, allowing it to increase its assets, membership, and branch locations.

Summit Credit Union's headquarters and locations

Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union, was established in 1935 and has since expanded to 60 locations throughout Wisconsin. The credit union was founded in Madison, Wisconsin, and its headquarters are located at 1709 Landmark Dr. Cottage Grove, WI 53527.

Summit Credit Union has a strong presence in Madison, with branches on West Washington Avenue and East Wilson Street. The West Washington Avenue branch is open from 8:30 am to 5:00 pm, while the East Wilson Street branch operates from 7:30 am to 5:30 pm.

With over $7.3 billion in assets, 261,100 members, and 920 employees, Summit Credit Union has a significant presence in the state of Wisconsin. The company has been recognised for its excellence in employee engagement and has received numerous accolades, including being named to Forbes' list of America's Best-In-State Credit Unions in 2024.

Summit Credit Union's CEO

Kim Sponem has been the CEO and President of Summit Credit Union since 2002. Under her leadership, the credit union has grown from $200 million to $7.3 billion in assets, with 261,100 members. The branch network has expanded from four locations to over 60 across Wisconsin, including four in Madison high schools and one charter middle school.

Sponem's background in consumer behaviour and marketing has led to Summit being the number one mortgage lender in Wisconsin and the top provider of Small Business Administration loans among credit unions in the state for over a decade. Her commitment to financial education and work culture has resulted in Summit winning four Governor's Financial Literacy Awards, including the Legacy Award, and it has been recognised as a Top Workplace and Best Place to Work in Madison, Milwaukee, and the USA.

Sponem has been inducted into America's Credit Union Museum and has received numerous awards, including the 40 under 40 Alumni Award from InBusiness, the Brian Howell Excellence in Innovation Award, the Wisconsin Idea Alumni Award, and the Edgewood College Alumni Award for Ethical Leadership and Outstanding Community Service. She serves on several boards, including the Society Insurance, the Madison Area Chamber of Commerce, and the Oscar Rennebohm Foundation.

Sponem champions initiatives that support the community, such as the Center for Black Excellence and Culture, the Black Business Hub, and One City Schools. She is also committed to helping women and their families build financial security and has been recognised nationally for these efforts.

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