Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Illinois credit union merger will create $1.65bn, 113,000-member lender

Members of the 98-year-old Chicago Municipal Employees CU voted in favour of a merger with Great Lakes CU

Members of the Chicago Municipal Employees Credit Union (CMECU) have voted in favour of a merger with Great Lakes Credit Union (GLCU).

The merger – announced in November – saw CMECU members became members of GLCU on 31 December. CMECU has US$59m in assets, three Chicago locations, and more than 11,000 members, while GLCU has more than $1.6bn in assets, and serves 95,000 members in the Chicago metropolitan areas and surrounding areas.

With 113,000 members, the combined entity will have $1.65bn in assets. 

Illinois’ oldest active credit union, CMECU was founded by the Municipal Employees Society of Chicago in 1926 – a time when working people struggled to obtain loans, leaving them vulnerable to predatory high-interest lenders.

Since then, it has evolved into a full-service financial institution serving workers from organisations like the Chicago Transit Authority, Metra, Chicago Public Schools, City Colleges of Chicago, the Chicago Park District, Columbia College Chicago, and the Public Building Commission of Chicago. 

Founded in 1938, GLCU says it plans to “operate in partnership with CMECU to preserve its 98-year-old legacy”. It adds that the partnership will bring CMECU members a wider range of financial products and services, as well as a larger branch network, advanced digital banking technology, and access to financial education and counseling services through the GLCU Foundation for Financial Empowerment.

“We’re excited to welcome CMECU members to GLCU, and we look forward to preserving the robust legacy CMECU has built over 98 years,” said Steve Bugg, president and CEO of GLCU.

The announcement follows GLCU’s merger last June with Encurage Financial Network Credit Union (EFNCU), which brought in 14,000 members and over $200m in assets.