Two new mergers have recently been agreed in the United States: East Chicago Fireman’s Credit Union (ECFCU) will merge with Great Lakes Credit Union (GLCU) while UK Federal Credit Union will merge with Cove Federal Credit Union.
According to recent report by regulator National Credit Union Administration, 35 credit union mergers were approved during the first quarter of 2025, up from 26 for the same period last year.
Members of ECFCU voted to merge with GLCU on 31 July.
The merger, which has received the regulator’s approval, will see GLCU offer ECFCU members and their families access to a range of financial products, services and tools, while continuing to run the current ECFCU branch in East Chicago, Indiana. Members will have access to 24/7 digital banking, shared branching in Northwest Indiana, a state-of-the-art ATM network, support through GLCU’s member contact centre, as well as 24/7 support through GLCU’s AI assistant Olive and live chat.
GLCU currently serves 115,000 members in Chicagoland and surrounding areas. As part of the merger, it will expand its field of membership to Lake County, Indiana, and Porter County, Indiana.
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“GLCU is pleased that ECFCU sought us as a merger partner to expand their product and service offering to their membership in the competitive and changing financial services industry,” said Steve Bugg, CEO and president of GLCU. “We’re excited to welcome ECFCU members to the GLCU family.”
ECFCU, which serves East Chicago Fire Department employees and their family members through a single location, was looking for a strategic partner to offer more products and services, maintain membership, and meet growing regulatory compliance requirements. The credit union has 130 members and $600K in assets.
“It’s been my pleasure to serve as manager all these years. Changing times require change, and ECFCU is ready for change,” said ECFCU manager Joanne DeYoung.
GLCU has more than US$1.4b in assets and 115,000 members in Chicagoland and surrounding areas.
According to recent report by regulator National Credit Union Administration, 35 credit union mergers were approved during the first quarter of 2025, up from 26 for the same period last year.
Similarly, UK Federal Credit Union (UKFCU) and Cove Federal Credit Union announced their intention to merge on 1 August “after thoughtful consideration between both credit unions in terms of service, sustainability and growth”.
The two credit unions signed the merger agreement on 23 July 2025 but the merger pending regulatory approval and a vote of Cove Federal Credit Union’s members, meaning that it is expected to be completed in the second quarter of 2026. Until then the two credit unions will continue to operate independently.
UKFCU serves the University of Kentucky and Central Kentucky since 1937, boasts US$1.56bn in assets, seven branches and 108,770 members. Meanwhile, Cove Credit Union which was created by a small group of employees of St. Elizabeth Hospital in Covington, Kentucky, has $80m in assets, 6,579 members and one branch at 577 Dudley Road in Edgewood, Kentucky.
The combined organisation resulting from the merger will operate under the University of Kentucky Federal Credit Union leadership and name and have $1.64bn in assets, with eight branches serving over 115,000 members throughout Kentucky and beyond.
“We are a member-centric organisation, and every decision we make always takes into consideration existing and future members,” said Ryan Ross, president and CEO of UK Federal Credit Union. “By merging these two great credit unions together, we are providing extended geographic service to members in both credit unions, while also creating scalability allowing further investment in better products and services to help the collective members with their financial needs,” he added.
“With shared Kentucky roots, a community filled with UK alumni, and a membership that deserves best-in-class products and services – we made a decision to partner with UK Federal Credit Union that will provide enhanced digital banking services, financial advising, and a vast array of core banking products,” said Tom Burns, president and CEO of Cove Federal Credit Union.
