BANNOCKBURN, IL.— The $1.6-billionGreat Lakes Credit Union here and $59-million Chicago Municipal Employees Credit Union, based in Chicago, have agreed to merge, the organizations announced.
The deal awaits customary regulatory approval and a CMECU membership vote. Both boards have approved the combination, and the merger is expected to be completed by the end of the year. CMECU will operate as a division within GLCU, the CUs stated.
“GLCU chose to merge with CMECU because as organizations, we share a commitment to our members, employees, and communities,” said Steve Bugg, CEO and president of GLCU. “We’re excited to welcome CMECU members to GLCU, and we look forward to preserving the robust legacy CMECU has built over 98 years.”
GLCU made $2.7 million in net income in 2023 and $1.9 million through September of 2024. Net worth is 9.04%. CMECU lost $409,319 last year and $2.2 million through September of 2024. Net worth stands at 3.59%.