In light of the recent news of the bank failures in the United States, including Silicon Valley Bank in CA and Signature Bank and Inter-American FCU in NY, I want to let you, our members, know that Great Lakes Credit Union is, and will continue to be, a safe and sound financial institution. 

GLCU is an Illinois state-chartered credit union regulated by the Illinois Department of Financial and Professional Regulation and, since the credit union is insured by the National Credit Union Administration (NCUA), regulated and examined by them as well. 

GLCU properly manages its liquidity and diversifies its portfolio. The credit union’s board of directors oversees GLCU’s liquidity and utilizes a third-party provider to validate management of the portfolio. In addition, Great Lakes Credit Union is well-capitalized according to the NCUA. We effectively manage risk through adherence to industry best practices, including solid lending and underwriting policies and a conservative investment strategy.

Your GLCU accounts are fully insured by the National Credit Union Share Insurance Fund (NCUSIF) which is administered through the NCUA.  The NCUSIF is backed by the full faith and credit of the US Government. Your deposit accounts are automatically insured up to $250,000 per individual depositor. To verify your coverage as a member of GLCU, please visit the credit union insurance verifier here.  Great Lakes Credit Union’s charter number is 60238. 

Most importantly, I want to assure you that GLCU continues to remain rock solid and secure. As a credit union that is founded on the philosophy of “people helping people,” you can trust GLCU to continue to operate with the same core values that have safely and successfully guided us for the past eighty-five years.

Thank you sincerely for your faith in GLCU to safeguard your financial well-being.


Steve Bugg

President / CEO

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