Great Lakes Credit Union and Chicago Municipal Employees Credit Union Jointly Announce Intent to Merge
BANNOCKBURN, IL. (November 13, 2024) – Great Lakes Credit Union (GLCU) and Chicago Municipal Employees Credit Union (CMECU) are excited to announce their plans to merge pending regulatory approval and a CMECU membership vote. GLCU intends to preserve the legacy of CMECU by operating it as a division within GLCU. The credit unions are targeting a close of December 31st as a legal effective date for the merger, subject to member approval. The boards of GLCU and CMECU have voted in favor of the merger.
CMECU was established in 1926 by members of the Municipal Employees Society of Chicago and is the oldest active credit union in Illinois. In the 1920s, loans were difficult for working people to obtain and were often offered by predatory lenders who charged unreasonable interest rates. CMECU provided a safe place for city employees to save and borrow money in a time when many financial institutions exclusively served wealthy individuals.
CMECU has evolved into a full-service financial institution serving more than 11,000 members who work in Cook County. Examples of Chicago employees CMECU serves include those who work for the Chicago Transit Authority (CTA), Metra, Chicago Public Schools, City Colleges of Chicago, the Chicago Park District, Columbia College Chicago, and the Public Building Commission of Chicago, among others.
By merging with GLCU, CMECU members will gain access to additional products and services, new and robust technologies, an increased branch network, financial education and counseling services, and more.
“GLCU chose to merge with CMECU because as organizations, we share a commitment to our members, employees, and communities,” said Steve Bugg, CEO and President of GLCU. “We’re excited to welcome CMECU members to GLCU, and we look forward to preserving the robust legacy CMECU has built over 98 years.”
As member-owned cooperatives, and under the guidelines of the National Credit Union Administration (NCUA), full merger approval is contingent upon membership approval, along with regulatory approvals from the NCUA and Illinois Department of Financial & Professional Regulation.
As the merger process moves forward, both credit unions will provide information to their respective memberships via their websites (www.glcu.org and www.cmecuonline.org) and through other applicable communication channels.
Upon completion of the merger, CMECU will bring $59 million in assets, three locations in Chicago, and more than 11,000 members to the new organization to combine with GLCU’s 95,000 members and $1.6 billion in assets. The combined entity will serve 113,000 members and have $1.65 billion in assets.
This proposed merger follows GLCU’s recent merger with Encurage Financial Network Credit Union (EFNCU). GLCU and EFNCU announced their intention to merge in January 2024, and the merger became official on June 1, 2024. EFNCU brought 14,000 members, mostly in the Chicagoland area, and more than $200 million in assets to GLCU through the merger.
About GLCU
Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good. As a not-for-profit financial cooperative with more than $1.6 billion in assets, GLCU is proud to serve 95,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more about GLCU’s accounts, educational initiatives, and community development programs at www.glcu.org.
About CMECU
We are a not-for-profit, member owned financial cooperative since 1926. Our goal is to give our members the ability to control their own financial destiny. We empower our members-individuals, families, and businesses to achieve their financial goals through financial literacy, responsible financial products, services, investment strategies and community development initiatives. We maintain accountability and transparency while supporting our members in their financial journey. In doing so, we will strive to establish and maintain a long-term financial relationship with our members.
Mission Statement
We are a not-for-profit, member owned financial cooperative since 1926. Our goal is to give our members the ability to control their own financial destiny. We empower our members-individuals, families, and businesses to achieve their financial goals through financial literacy, responsible financial products, services, investment strategies and community development initiatives. We maintain accountability and transparency while supporting our members in their financial journey. In doing so, we will strive to establish and maintain a long-term financial relationship with our members.
