Small Illinois credit union plans merger into First Financial
C&NW Proviso Credit Union in Northlake, Ill., is set to merge into Skokie, Ill.-based First Financial Credit Union.
C&NW Proviso holds about $2 million in assets while First Financial has assets approaching $92 million.
A member vote is expected to be held on June 19. A notice from C&NW Proviso announcing the merger specified that Illinois law only allows in-person voting or votes by proxy, so no e-voting will be done if the coronavirus prevents an in-person meeting. The notice from the credit union also specified that for those who do not attend or vote by proxy, the board will vote in favor of the merger in their stead.
“Merging with First Financial CU will be in the best interest of C&NW Proviso Credit Union members as it will allow access to a larger product suite, better rates, more locations and greater online capabilities,” the credit union said.
C&NW Proviso does not currently have a website and does not offer any electronic financial services.
Lori Sieja, the manager of C&NW Proviso, is expected to stay on as a branch manager. The merger is expected to take effect by the end of June.
C&NW Proviso earned just over $20,000 last year, up from an income of $168 in 2018, according to call report data. It had roughly 200 loans on the books at the end of 2019 for a total of a little more than $1 million. The bulk of its portfolio is made up of auto loans and unsecured personal loans.
First Financial in Illinois is not connected to the First Financial based in Albuquerque.