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.
