BANNOCKBURN, Ill.– Great Lakes Credit Union (GLCU) is reporting it has received $10 million in secondary capital through a partnership with Brean Capital.
“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, in a statement. “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 $1-billion Great Lakes noted NCUA permits secondary capital for low-income designated financial institutions, and the funding will give it the ability to support organic growth initiatives, investments in technology and acquisitions.
Approval was received from the State of Illinois regulator for State-Chartered Credit Unions, and The Illinois Department of Financial and Professional Regulation’s Division of Financial Institutions.
How Capital Will be Deployed
With the infusion of capital, GLCU said it will continue to grow its membership base in Chicagoland and the surrounding areas; 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.”
“We were pleased to work with Great Lakes Credit Union throughout the entire process,” said Jeremy Colvin, managing director at Brean Capital, which said it is an independent advisor that serves the needs of credit unions and banks across the nation. “Through the process, Great Lakes became a very strong strategic partner.”
The credit union has more than 80,000 members.