GURNEE, Ill.–Consumers Credit Union here has announced its plans to merge in two other Illinois-based credit unions.
The $3.5-billion Consumers Credit Union said it is seeking to merge in the $417.7-million KCT Credit Union in Elgin, Ill., which is approximately 50 miles southwest of its headquarters, and the $39.1 million Rockford Bell Credit Union in Loves Park, Ill., which is about 70 miles to the west.
“We are thrilled to embark on this journey with Consumers Credit Union, a step that marks a pivotal moment in our history,” R. Michael Lee, president and CEO of KCT Credit Union, said in a statement. “This merger is more than just a unification of two credit unions; it's a testament to our shared vision of delivering exceptional value and service to our members, partners, and communities. More significantly, it amplifies our capacity to empower the communities we serve, enabling us to deepen our engagement and enhance our support in meaningful ways that truly make a difference.”
Added John Hansen, president and CEO of Rockford Bell Credit Union in a statement, “The board of directors and I are very excited about what this merger will bring. Additional services and products to Rockford Bell Credit Union's members and enhanced employee benefits for the staff.”
The Financials
According to American Share Insurance, Dublin, Ohio, which insures deposits at KCT Credit Union, it had $4.35 million in net income and capital of 8.6% at year-end 2023. NCUA data show Rockford Bell had $83,242 in net income and capital of 12.86% as of the same date.
The 222,000-member Consumers Credit Union reported $23.7 million in net income and capital of 9.21% as of year-end.
Both KCT and RBCU said the mergers still require approval from the Illinois Department of Financial and Professional Regulation and NCUA.
Sean Rathjen, CEO of Consumers Credit Union, said in a statement that his CU looks forward to welcoming both merger partners and to providing expanded products and services to their respective memberships.
Daily News Headlines. To Your Inbox. Every Day. And It’s Free
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance.