Summit to acquire Commerce State Bank

Boards of directors from Madison-based Summit Credit Union and West Bend-based Commerce State Bank unanimously approved a definitive agreement that includes Summit’s acquisition of substantially all of the assets and liabilities of Commerce State Bank, according to a joint release. The transaction is pending shareholder and regulatory approval and is expected to close in the third quarter of 2022. The combined company will have assets approaching $6 billion with 54 locations. Commerce State Bank is the first bank Summit Credit Union has acquired.