BANNOCKBURN, Ill.– Great Lakes Credit Union has lowered its par value share minimum to $1 from $5. The credit union said the decision “represents a significant step toward increasing financial accessibility” for individuals and families in the community, as the lowered par value reduces the barrier of entry for GLCU members.
Great Lakes CU said that as a low-income designated credit union, it is committed to “promoting financial empowerment and inclusion for all.”
“We are excited about this change, as it demonstrates our ongoing commitment to providing affordable financial services and resources to our community,” said President/CEO Steven Bugg. “An ownership share in the credit union should be easily accessible; that’s part of our commitment as a certified community development credit union. We believe that everyone should have the opportunity to access quality banking services, and we’re proud to continue breaking down barriers to entry for all potential members.”
The $1.3-billion Great Lakes has mor than 80,000 members.
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