BANNOCKBURN, Ill.–Two Illinois credit unions have announced a merger. The $882-million Great Lakes Credit Union (GLCU) said it has absorbed via merger the $9.2-million North Side Community Federal Credit Union.
North Side’s Uptown branch in Chicago has reopened as GLCU and will “once again provide GLCU members a branch in Chicago,” the credit union said.
North Side Community Federal Credit Union served over 3,000 members after being founded in 1974, with a headquarters in the uptown section of Chicago that provided services to the unbanked and under-banked along with grant funded housing counseling services to the general community.
In announcing the merger, Great Lakes CU said SCFCU is “known nationally for their dedication and service to those of low-to-modest means.”
Expansion of Services for Underserved
“Great Lakes Credit Union is pleased to have been chosen as the merger partner for North Side Community Federal Credit Union. GLCU is pleased that we will be able to once again offer a branch to our members in Chicago after vacating the city a few years ago,” said Steve Bugg, president/CEO of Great Lakes Credit Union. “In addition, NSCFCU offers several products and services that are primarily targeted to low-to-modest income members. GLCU will now offer these products and services to our existing and new members throughout Chicagoland due to our scale and size. NSCFCUs grant funded housing counseling services will be expanded overtime and as grant funding allows…I am extremely proud that all NSCFCU employees decided to join GLCU post-merger in a variety of roles. NSCFCU and GLCU both have a very strong commitment to tradition and giving back to our local communities and believe in our ‘People Helping People’ Philosophy by assisting our communities and by volunteering and donations.”
A ‘Deep Commitment’
“NSCFCU was founded with a deep commitment to serving underserved communities. NSCFCU’s board of directors recognized a need to respond to changing technology, local demographics and member’s needs and began to seek a merger partner last year,” added Sarah Marshall, CEO of North Side Community Federal Credit Union. “The primary goal was to find a credit union partner that would understand the credit union’s legacy. NSCFCU’s founding sponsor was Hull House; and it was one of the first credit unions in the United States to offer a small dollar payday alternative loan, as well as the first to offer a citizenship loan product. After extensive due diligence, the board of directors and executive management of NSCFCU were excited to choose GLCU as a merger partner because of its commitment to help NSCFCU expand upon and leverage its commitment to innovative work in underserved neighborhoods.”