JOLIET, Ill. –Two Illinois credit unions say they are moving forward with a merger following a vote by members.
Members of NorthStar Credit Union have voted in favor of merging into NuMark Credit Union. The two CUs said they plan to officially merge on Jan. 1, with their data systems fully integrated by March of 2021. NuMark CU will be the surviving credit union brand and charter.
NorthStar CU, founded in 1997, has $205 million in assets and approximately 15,600 members. NuMark, founded in 1954, has $308.5 million in assets and approximately 36,400 members.
Lloyd Fredendall, president/CEO of NorthStar CU, will hold the same title following the merger. Ann Dubie, president/CEO of NuMark, plans to retire.
“Ann and I have known one another for years, but it wasn’t until we sat down and started talking about a merger between NorthStar and NuMark that we realized just how aligned our two organizations are,” said Fredenall. “From our branch network footprint, to our values, our commitment to our employees and local communities, and our shared member-first philosophy, we couldn’t have asked for better synergies. I want to thank the NorthStar members, board members, and employees alike for their active participation in the voting process and for their commitment and loyalty to our ongoing growth and success.”
‘Perfect Time to Combine’
Added Ann Dubie, “The time is perfect to combine the strengths of our two amazing credit unions. The economies of scale we gain long-term will provide additional resources to better serve members, make ongoing infrastructure and technology investments, and become even more competitive in the markets we serve.”