Small Chicago institution merges into Great Lakes Credit Union
North Side Community Federal Credit Union in Chicago has merged into Great Lakes Credit Union in Bannockburn, Ill.
The merger was effective Aug. 1, according to a press release on Friday. The $9 million-asset North Side served the unbanked and underbanked and had about 3,000 members. It also had a grant to provide housing counseling services to the community, something that Great Lakes plans to expand as funding allows.
The merger gives Great Lakes a branch in Chicago after the credit union closed a location in the city a few years ago.
“GLCU is pleased to be able to offer expanded lending, deposit and investment products and services to NSCFCU members in addition to expanding our delivery channel options, including our technology, to our new members from NSCFCU such as our online banking platform, mobile banking app, call center, loan center, nationwide shared branching, 30,000 nationwide ATMs along with 11 other branch locations,” Steve Bugg, president and CEO of Great Lakes, said in the press release.
Great Lakes has $881 million in assets and more than 80,000 members. It earned $1.3 million in the first six month of the year, more than double from it earned in the same period a year earlier.