Great Lakes Credit Union gains $10 million investment

BANNOCKBURN - Great Lakes Credit Union Friday said it has received $10 million in secondary capital through a partnership with Brean Capital, an independent adviser that serves the needs of credit unions and banks across the nation.

"With this secondary capital, we'll be able to expand the work we're doing to financially empower people and communities across Northern Illinois," said Steve Bugg, president and CEO of GLCU. "This infusion of capital does more than further strengthen our balance sheet. It enables us to offer new, innovative products and services, as well as provide expanded financial tools and resources in order to remain competitive in the ever changing financial services industry."

The National Credit Union Administration - the regulating body for credit unions - allows secondary capital for low-income designated financial institutions like GLCU. Secondary capital provides credit unions the ability to support organic growth initiatives, investments in technology and acquisitions.

With the infusion of capital, GLCU will continue to grow its membership base in Chicago area; create innovative in-branch, digital and call center experiences to support its growing membership base; and deepen relationships with members and surrounding communities by expanding its financial education options and offering increasingly relevant products and services, GLCU said.

Founded in 1938 and headquartered in Bannockburn, GLCU is a nonprofit financial cooperative with over $1 billion in assets. It serves more than 80,000 members in Chicago and surrounding suburbs.