Great Lakes acquires Chicago credit union

  • Bannockburn-based Great Lakes Credit Union has merged with North Side Community Federal Credit Union, which has a facility in Chicago's Uptownn neighborhood.

    Bannockburn-based Great Lakes Credit Union has merged with North Side Community Federal Credit Union, which has a facility in Chicago's Uptownn neighborhood. Daily Herald file photo

 
 
Updated 8/18/2019 5:39 PM

Bannockburn-based Great Lakes Credit Union announced it has merged with North Side Community Federal Credit Union, the second such merger of credit unions announced within a week.

Terms of the merger were not announced.

                                                                                                                                                                                                                       
 

North Side Community Federal's facility in Chicago's Uptown neighborhood will become a branch of Great Lakes Credit Union, Chartered in 1974, North Side Community has about 3,000 members and $9 million in assets, according to the National Credit Union Administration.

Great Lakes has more than 80,000 members with about $870 million in assets, according to the company. The merger gives Great Lakes 12 branch locations in Chicago and the suburbs.

Great Lakes President/CEO Steve Bugg said the merger will allow the credit union to provide and expand products and services that are tailored to underserved communities, such as grant funded housing counseling services previously offered by North Side Community Federal.

"NSCFCU and GLCU both have a very strong commitment to tradition and giving back to our local communities and believe in our "People Helping People" Philosophy by assisting our communities and by volunteering and donations," Bugg said.

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"With any merger, both organizations must find a "win-win" and I feel that we have achieved this goal for both credit unions and our members," he added.

Sarah Marshall, CEO of North Side Community Federal, added the credit union had been looking for a merger partner for about a year as it tried to cope with "a need to respond to changing technology, local demographics and members' needs."

"The primary goal was to find a credit union partner that would understand the credit union's legacy," she said, noting Great Lakes expressed a commitment to help NSCFCU expand its commitment to work in underserved neighborhoods.

The announcement is the latest in a series of mergers and acquisitions by area credit unions, Last week, Schaumburg-based Andigo Credit Union and Consumers Credit Union, based in Gurnee, announced it plans to merger by year's end, creating the fifth largest credit union in the state with more than 156,000 members and more than $2.1 billion in assets.

The boards of Schaumburg-based Andigo Credit Union and Consumers Credit Union, based in Gurnee, have already approved the merger, the two agencies said in a statement Monday. Once completed, the new organization -- which will operate as Consumers Credit Union -- will serve more than 156,000 members and have more than $2.1 billion in asset. In July, Elgin-based Corporate America Family Credit Union acquired Ben Franklin Bank in Arlington Heights and Rolling Meadows, which will be absorbed into the credit union. Last November, Golden Eagle Community Bank in Woodstock was acquired by Michigan-based Advia Credit Union.

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