Encore, Consumers credit unions to merge

GURNEE - The membership of Encore Federal Credit Union of Des Plaines recently voted to merge with Consumers Credit Union, based in Waukegan.

The vote was held after the boards of directors for both credit unions agreed to the proposed merger earlier this year. The combined organization will have 10 service centers in Lake and northwestern Cook counties, with assets of approximately $1.15 billion and more than 91,000 total members.

Following Encore's nearly 99 percent favorable member vote, the proposal was delivered to the Illinois Department of Financial and Professional Regulation and the National Credit Union Administration, the respective regulators for Encore and CCU. Both regulators have subsequently approved the merger.

Though members of Encore will be leveraging the combined CCU services at a date to be determined, both organizations agree this will take place on or before April 2018.

"We are excited to offer our members the combined strength and resources of two outstanding credit unions," said Shawn Clisham, chairman of Encore's board. "Our members will now have access to more checking, deposit and loan products than ever before, with an opportunity for even better loan and dividend rates."

Sean M. Rathjen, CCU's CEO said the merger a "win-win" for both unions.

"It's a win for Encore members who'll receive a more robust offering of products and services, both online and at our service centers," Rathjen said. "It's a win for Encore employees as they join CCU's innovative and growing team. And it's also a win for CCU, as we expand our footprint into a new geographic area."