UW Credit Union announced Thursday they will merge with Madison Area Technical College Credit Union to offer more services to MATC students and employees.
The MATC Credit Union has about 670 members, but overall membership has declined over the past few years, said Rhonda Mork, president of MATC Credit Union.
“[MATC] did approach us at one time, regarding serving students and being more full service, but it was just too much of an undertaking for us,” Mork said.
Mork said the credit union currently does not offer checking or debit cards because of their small size.
“Those kinds of programs are expensive for a small credit union to get into,” Mork said.
Lisa Girdharry, UW Credit Union representative, said they will be able to offer MATC students and employees a full-service branch.
The MATC Credit Union, located on the Truax campus on Madison’s east side, will be UW Credit Union’s 15th branch.
Girdharry said the current economic crisis on Wall Street has had little to no effect on either UW Credit Union or MATC Credit Union.
UW Credit Union has 118,000 members and $1 billion in assets, according to Girdharry, and she said that over the past five years, they’ve increased their capital from $57 million to over $100 million.
The MATC Credit Union currently offers savings, loans and second mortgages, Mork said, adding that MATC employees have been retiring and the credit union has been losing membership.
“The new employees coming in want more services,” Mork said.
Roger Price, vice president of infrastructure for MATC, said they are glad students will now be able to utilize credit union services.
“I think it’s exciting to have a full-service credit union for students and staff,” Price said.
Mork, who is one of two employees at the MATC Credit Union, said the number of staffers will obviously increase.
MATC Credit Union’s limited hours — currently 10 a.m. to 4 p.m. Monday and Wednesday, and 10 a.m. to 2 p.m. on Tuesday, Thursday and Friday — will also be expanded.
“I’m real pleased that we’re going to be part of UW Credit Union,” Mork said. “We share the same philosophy.”
Before the merger can be finalized, it must be approved by the Wisconsin Department of Financial Institutions-Office of Credit Unions.
The UW Credit Union has other locations in Middleton, Sun Prairie, Milwaukee, Stevens Point, Green Bay and Whitewater.
