WARRENVILLE, Ill.– NorthStar Credit Union and Oak Trust Credit Union have announced plans to merge, with plans to have the deal done by June 30. The merger received unanimous membership approval at the Oak Trust special member meeting. Preliminary regulatory approval has been granted by the National Credit Union Administration and the Illinois Department of Financial and Professional Regulation.
The combined credit union will have $162 million in assets and approximately 15,000 members, with five locations.
Lloyd M. Fredendall, president/CEO of NorthStar Credit Union, will lead the combined organization, which will continue under the NorthStar name, as chief executive officer. “The partnership with Oak Trust will bring together the best of the best in terms of member value. Both credit unions have always been 100% focused on member value, including outstanding service,” said Fredendall. “Given these synergies, including a very complimentary branch network, it was determined that together the two credit unions could provide an even better level of member value.”
“We are excited that this collaborative partnership expands our footprint throughout the suburbs to allow us to better serve our members and strengthen our commitments to our local communities,” said Jim Dean. Dean, president and CEO of Oak Trust CU for the past 27 years, will join the executive management team as president of NorthStar Credit Union.
NorthStar Credit Union was chartered in 1971 as Standard Oil Employee Research Center Federal Credit Union. Oak Trust Credit Union was chartered in 1964 as Master Printers Employees Credit Union.