JOLIET, Ill.–Separate mergers have been announced in Illinois and Indiana.
In the Prairie State, the $306-million NuMark Credit Union and the $208-million NorthStar Credit Union in Warrenville, Ill., said plans call for having members of NorthStar vote on the merger, which has already received regulatory approval from the Illinois Department of Financial and Professional Regulation and NCUA.
NuMark Credit Union would be the surviving name and charter.
The merged institution would have 10 branches.
"Without a doubt, this truly collaborative partnership would provide an opportunity to elevate member experience and to enhance member value across the board," said Lloyd Fredendall, president and CEO of NorthStar in a statement.
If the merger receives approval, Fredendall will become CEO of the organization. NuMark Credit Union President and CEO Ann M. Dubie would remain in that position until her retirement sometime before the end of 2020.
NorthStar CU members will receive notification of a special meeting in the next few weeks, along with a ballot and voting instructions. NorthStar members will have the opportunity to complete their ballot until the date of the special meeting in October the credit union said.
If approved, the merger could happen as soon as Nov. 1, with both organizations fully integrated in 2021, the credit unions said.
Merger in Hoosier State
Separately, in Indiana, the $633-million Indianapolis-based Financial Center First Credit Union and the $101-million Ball State FCU in Muncie said they are moving forward with the merger after a 77% approval vote in a vote by Ball State FCU members. Plans call for Ball State to continue to operate under the name Ball State Financial. The merger will become official Nov. 1.
The credit unions said the deal will be the largest merger involving two credit unions in the state’s history.
“The combined strength of our organizations will allow us to offer excellent service, state-of-the-art technology, and award-winning financial education to our members and to serve Ball State University and its students and alumni as they move throughout Central Indiana,” said Kevin Ryan, Financial Center’s president, in a statement. Ryan will remain CEO of the combined organization.
Randy Glassburn, who has served as CEO of Ball State FCU for the pas 32 years, plans to retire at the end of 2020.
In a statement, Financial Center said it also plans to remodel Ball State FCU’s main office next year to include its signature learning center and financial library.