Chicago Municipal Employees Credit Union Merger

Important Information Regarding the Merger!

We are thrilled to share that the merger between Chicago Municipal Employee Credit Union (CMECU) and GLCU is now official following a member vote! CMECU members will become members of GLCU on December 31, 2024, which is the official merger date. GLCU plans to operate in partnership with CMECU to preserve its 98-year-old legacy. This exciting partnership brings expanded products and tools, increased convenience, and a stronger impact on our community. Our primary focus is ensuring that as members, you all have everything you need for a successful financial journey.

Important Note: Rest assured; your existing accounts will not be immediately impacted. You’ll continue to use your current account numbers, debit cards, and digital banking login information until later this year. Through the partnership, we are working towards a future date when accounts will be consolidated under one product suite and the entire GLCU branch network will be available to all members.

Here’s what you can look forward to as a valued GLCU member:

  • Expanded Products and Services: Access a wider array of financial products, services, and helpful financial tools and resources tailored to your needs.
  • Increased Convenience: Enjoy GLCU’s large branch network throughout the Chicagoland area, advanced digital banking technology, and enhanced online tools for seamless account management wherever you are.
  • Stronger Community Impact: Benefit from expanded financial education programs, personalized counseling services, and robust support for local initiatives through the GLCU Foundation for Financial Empowerment.

Here are some of our featured products and services available at GLCU that help our members achieve their financial goals:

  • Financial Empowerment and Education: The GLCU Foundation offers one of the largest HUD-Approved Housing and Financial Counseling Programs in Illinois to help with your next move, whether you're buying or renting. We also offer age-appropriate youth education programs and accounts for kids and teens to teach healthy financial habits.  
  • Loan Products for Your Lifestyle: GLCU is happy to provide a variety of loans that make sense for your life.
    • Credit Builder Loan: Building good credit is key to financial empowerment. That's why GLCU is proud to offer a Credit Builder loan that gives you a no-cost opportunity to build or repair your credit profile.
    • Fast Cash Loan: Get the cash you need for unexpected expenses the same day with GLCU’s Fast Cash Loan. Approval is based on your relationship with GLCU, not your credit score.
    • Quinceañera Loan: Create unforgettable memories for the special 15-year-old in your life with financing options that make celebrating easier.
  • More Deposit Options: At GLCU, we want your money to work for you, which is why we offer a selection of deposit accounts to fit your needs.
    • Free High-Yield Checking: Enjoy free checking with ultra-competitive dividends, ATM rebates, and zero monthly or hidden fees.
    • Fresh Checking, certified by BankOn: Rebuild or establish positive financial history as you start the next chapter of your financial journey with GLCU’s Fresh Checking accounts.
    • Debit Card Rewards: Earn rewards points every time you use your GLCU Visa® Debit Card to make purchases, and redeem those points for gifts, dining, and more.
    • Youth Accounts: Start saving early with the Money Mammals® Saving Money Is Fun Kids Club™, and help the teens in your life start their journey to financial independence with an Adolescent$ account.

About GLCU 

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

Chicago Municipal Employees Credit Union is a not-for-profit, member owned financial cooperative since 1926. The stated goal is to give members the ability to control their own financial destiny. CMECU empowers members-individuals, families, and businesses to achieve their financial goals through financial literacy, responsible financial products, services, investment strategies and community development initiatives. CMECU maintains accountability and transparency while supporting  members in their financial journey. In doing so, CMECU strives to establish and maintain a long-term financial relationship with members. Learn more at www.cmecuonline.org

FAQs

  1. Due to Chicago Municipal Employees Credit Union’s declining net worth position, the decision was made for CMECU to merge with Great Lakes Credit Union (GLCU). Merging with GLCU will position CMECU for sustainable growth, which will benefit its members. CMECU’s net worth will be retained in full in the merger, and GLCU will preserve CMECU’s legacy by operating in partnership within GLCU.  

    Together, we’ll increase our community investment, building on the 4,000+ volunteer hours and $30 million in community assets already saved, and enhance our resources to develop innovative programs that support financial well-being throughout our communities.

  2. This merger allows us to implement best practices for greater positive impact on our members, employees, and communities. We’ll expand our branch network across the Chicago area, increasing our responsiveness to members’ financial needs. Additionally, this partnership will allow us to expand CMECU’s community programs through the GLCU Foundation for Financial Empowerment. Together, we’ll serve over 100,000 members and hold approximately $1.6 billion in assets, creating a stronger combined organization.

  3. As a larger credit union, we’ll have more resources for continued growth and innovation. This translates to even more benefits for members, such as expanded product and service offerings, new technologies, and enhanced services. We’re committed to preserving the unique identities of CMECU’s partner credit unions through advisory councils to ensure we remain close to all members and communities.

  4. This merger will offer members:

      • More Access: Expanded branch locations and enhanced digital services.
      • Expanded Products/Services: A wider range of financial products and services to meet your needs.
      • Greater Responsiveness: Enhanced ability to adapt to evolving financial needs.
      • Improved Technology: Continued investment in the best digital banking solutions.
      • More Branches: A combined network of 22 branches across the Chicagoland area.
      • Familiar Faces: The same knowledgeable and friendly staff you know and trust.

  5. We’re working hard to make this a seamless transition. As the merger progresses, we’ll coordinate the consolidation of our systems and minimize any downtime for members. We are committed to keeping you informed every step of the way.

  6. For now, you’ll continue using the same website (cmecuonline.org), online banking, and mobile app as always. We’ll give you plenty of notice before any changes happen later this year.

  7. Yes! You’ll gain immediate access to:

      • Money Mammals®
      • Credit Builder Loans
      • Health Savings Accounts (HSAs)
      • Business Banking Solutions
      • Financial Counseling

    Even more products and services will become available later this year.

  8. Fixed-rate loans and deposit products will remain the same. For variable-rate accounts, we are committed to offering competitive rates.

  9. GLCU has lower or no fees on many services, so you’ll likely save money. We’ll provide a full fee overview closer to the system integration.