Summit Credit Union, Madison, and State Central Credit Union, based in Milwaukee, said Tuesday they will merge in June, if regulators, State Central members and the boards of directors of both institutions approve.

Summit, founded in 1931, has more than 107,000 members, $1.4 billion in assets, 367 employees and 20 branches in southern Wisconsin. State Central was established in 1948, has 8,600 members, $68 million in assets, 49 employees and four locations in Milwaukee, Waukesha and West Bend. No branch closings are anticipated.

When the merger is finalized, State Central members will become part of Summit.

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