OSWEGO, Ill. — Two Illinois Credit Unions say they are closer to merging.
The $381-million Earthmover Credit Union (ECU) and the Chicago-based, $28.9-million Peoples Energy Credit Union said they are set to combine on July 1 in what they said is a “mutually beneficial” move.
In a statement, Earthmover Credit Union said Peoples Energy Credit Union selected it as a suitable merger candidate based on its “impressive commitment to financial wellness, organizational strength and shared mission.”
“We are eager to welcome the Peoples Energy members into the Earthmover family and share our many products and services with them,” Earthmover Credit Union President/CEO Kelly McDonough said in a statement. “We will be reaching out to welcome them and hope to strengthen our relationship.”
Branch to Close
The Peoples Energy Credit Union location in Chicago will permanently close and members will be served at any of Earthmover’s five branches and ATM network in the market.
Both credit unions are state-chartered and privately insured through American Share Insurance, Dublin, Ohio. The 29,000-member Earthmover CU reported $5.1 million in net income at year-end 2023. The 1,900-member Peoples Energy CU posted $24,609 in net income as of the same date.
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