Members of Milledgeville Community Credit Union have approved a proposal to merge the credit union with Cornerstone Credit Union of Freeport, Ill.
The merger will take effect July 31, 2018, and will create an institution serving nearly 15,000 members with an asset size of $120 million.
MCCU, based in Milledgeville, Ill., currently has 800 members. The existing MCCU office will remain open and become a new branch of CCU.
"The board and staff of Cornerstone Credit Union are excited to welcome the members of MCCU to our credit union,” Cornerstone President Gail Clore said in a statement. “As a community-focused financial cooperative, we will continue the commitment of providing quality, differentiated services to all of our member owners. Our professional staff and volunteers ensure fiscal stability through responsible leadership and growth.”
Lorna Cote, CCU’s marketing director, told Credit Union Journal by email that there are currently two employees (tellers) with MCCU and they will become part of the CCU team after the acquisition. “Gail will continue to be the CEO,” she added.
MCCU posted net loss of about $7,500 in 2017, versus a net loss of almost $25,000 in the prior year.
Meanwhile, CCU recorded a net loss of about $59,000 last year, after posting net income of about $75,000 in 2016.