Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
NewsMarch 11, 2022
Bannockburn, Ill.-based Great Lakes Credit Union (GLCU) announced it has received $10 million in secondary capital through a partnership with Brean Capital, an independent advisor that serves the needs of credit unions and banks across the nation.
“With this secondary capital, we’ll be able to expand the work we’re doing to financially empower people and communities across Northern Illinois,” said Steve Bugg, President and CEO of GLCU. “This infusion of capital does more than further strengthen our balance sheet. It enables us to offer new, innovative products and services, as well as provide expanded financial tools and resources in order to remain competitive in the ever changing financial services industry.”
The National Credit Union Administration (NCUA) – the regulating body for credit unions – allows secondary capital for low-income designated financial institutions like GLCU. Secondary capital provides credit unions the ability to support organic growth initiatives, investments in technology and acquisitions.
Approval was received from the State of Illinois regulator for State-Chartered Credit Unions, and The Illinois Department of Financial and Professional Regulation’s Division of Financial Institutions.
“We were pleased to work with Great Lakes Credit Union throughout the entire process,” said Jeremy Colvin, Managing Director at Brean Capital. “Through the process, Great Lakes became a very strong strategic partner.”
With the infusion of capital, GLCU will continue to grow its membership base in Chicagoland and the surrounding areas; create innovative in-branch, digital and call center experiences to support its growing membership base; and deepen relationships with members and surrounding communities by expanding its financial education options and offering increasingly relevant products and services.
GLCU is committed to financial empowerment for everyone, and giving back to its communities is one of the credit union’s core values. This secondary capital transaction enables GLCU to impactfully expand its services.
About Great Lakes Credit Union
Founded in 1938 and headquartered in Northern Illinois, GLCU is committed to financial empowerment for you. As a not-for-profit financial cooperative with over $1 billion in assets, GLCU is proud to serve more than 80,000 members in the Chicagoland and surrounding areas. Learn more about GLCU’s accounts, educational initiatives and community development programs at glcu.org.
About Brean Capital
Brean Capital's Financial Institutions Group (FIG) serves the needs of credit unions, banks, thrifts, bankers’ banks, and depository institutions nationwide. FIG fulfills the role of Strategic Partner and Trusted Advisor to the banking industry by dedicating ourselves to our clients’ financial success. Acting in a consultant capacity, FIG collaborates with a depository institution’s senior management, ALCO, and Board to develop value-added strategies tailored to their initiatives, the marketplace, and the specific characteristics of their balance sheet. https://www.breancapital.com/FIG