EDWARDSVILLE, Ill.–Two Illinois credit unions have completed a merger.
The $52-million South Division Credit Union (SDCU) in Evergreen Park has merged with the $1.6-billion Scott Credit Union (SCU) in Edwardsville, giving the latter a toehold in Chicagoland.
The merger was approved by a vote of the membership of the former SDCU and the boards of directors of both SDCU and SCU.
“We’re looking forward to this opportunity to combine our two credit union families into one strong, growing organization,” said Frank Padak, SCU president and CEO, in a statement.
The merger has expanded SCU’s field of membership to include part of the greater Chicago market, giving it 23 branches following the addition of SDCU’s Evergreen Park, Midlothian, and Chicago branches. SCU will gain about 5,500 new members and 20 full-time and part-time employees as a result of the combination.
‘Greatly Beneficial’
“This merger will be greatly beneficial to both of our credit unions,” said Padak. “As part of SCU’s overall strategy for growth, we now have the opportunity to offer our services to even more potential members by expanding into the Chicago area. Meanwhile, South Division Credit Union will benefit from significant annual savings on expenses and a higher return on assets. Plus, South Division’s members are expected to enjoy higher rates on deposits, an expanded slate of products and services, as well as favorable rates and turn-around times for loans.”
South Division CEO Geraldine Burek has announced her retirement following a 40-year career.