GURNEE, Ill.–Two Illinois credit unions have announced merger plans.
Members of the $33-million Encore Federal Credit Union in Des Plaines, Ill., have voted in favor of merging into the $1.05-billion Consumers Cooperative Credit Union. The combined credit union will serve 91,000 members.
Encore FCU reported that 99% of members who cast votes did so in favor of the merger. Both the Illinois Department of Financial and Professional Regulation and the NCUA have signed off on the deal.
"We are excited to offer our members the combined strength and resources of two outstanding credit unions," said Shawn Clisham, chairman of Encore's board, in a statement. "Our members will now have access to more checking, deposit and loan products than ever before, with an opportunity for even better loan and dividend rates."
Sean M. Rathjen, CCU's CEO, said the merger is a "win-win" for both credit unions.
"It's a win for Encore members who'll receive a more robust offering of products and services, both online and at our service centers," Rathjen said. "It's a win for Encore employees as they join CCU's innovative and growing team. And it's also a win for CCU, as we expand our footprint into a new geographic area."