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CMECU Members Vote in Favor of GLCU Merger
NewsJanuary 2, 2025
Chicago, Ill. (January 2, 2025) – On December 31, 2024, Chicago Municipal Employees Credit Union (CMECU) members voted in favor of the upcoming merger with Great Lakes Credit Union (GLCU). CMECU members became members of GLCU on December 31, 2024. GLCU plans to operate in partnership with CMECU to preserve its 98-year-old legacy.
The partnership will provide CMECU members with a wider range of financial products and services, as well as a larger branch network, advanced digital banking technology, and access to financial education and counseling services through the GLCU Foundation for Financial Empowerment.
The two organizations originally announced their intent to merge in November 2024. GLCU and CMECU chose to merge based on their shared commitment to their members, employees, and communities.
“We’re excited to welcome CMECU members to GLCU, and we look forward to preserving the robust legacy CMECU has built over 98 years,” said Steve Bugg, President and CEO of GLCU.
As the merger process moves forward, both credit unions will provide information to their respective memberships via their websites (www.glcu.org and www.cmecuonline.org) and through other applicable communication channels.
Upon completion of the merger, CMECU will bring $59 million in assets, three locations in Chicago, and more than 11,000 members to the new organization to combine with GLCU’s 95,000 members and $1.6 billion in assets. The combined entity will serve 113,000 members and have $1.65 billion in assets.
The CMECU merger follows GLCU’s recent merger with Encurage Financial Network Credit Union (EFNCU). GLCU and EFNCU announced their intention to merge in January 2024, and the merger became official on June 1, 2024. EFNCU brought 14,000 members, mostly in the Chicagoland area, and more than $200 million in assets to GLCU through the merger.
About Great Lakes Credit Union
Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good. As a not-for-profit financial cooperative with more than $1.6 billion in assets, GLCU is proud to serve 95,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more about GLCU’s accounts, educational initiatives, and community development programs at www.glcu.org.
About CMECU
We are a not-for-profit, member owned financial cooperative since 1926. Our goal is to give our members the ability to control their own financial destiny. We empower our members-individuals, families, and businesses to achieve their financial goals through financial literacy, responsible financial products, services, investment strategies and community development initiatives. We maintain accountability and transparency while supporting our members in their financial journey. In doing so, we will strive to establish and maintain a long-term financial relationship with our members.