Chicago-area credit unions set for merger
State and federal regulators have approved a plan for NorthStar Credit Union in Warrenville, Ill., to merge into NuMark CU in Joliet, Ill., subject to approval from NorthStar members.
The combined institution will hold more than $500 million in assets and serve consumers across the Chicago area. Both credit unions are mid-size shops — NuMark holding $308 million in assets and NorthStar holding $204 million — and the deal will broaden branch access for members while also providing additional resources for technology investments, according to a press release issued Thursday.
Should members approve the deal, leadership duties will be temporarily split, with NorthStar CEO Lloyd Frendendall holding that title at the combined organization while NuMark’s Ann Dubie remains president until she retires at the end of this year. After that time, Frendendall will become president and CEO.
“This is an exciting time for our NuMark family as we look to the possibility of merging with NorthStar Credit Union to become one family,” Dubie said in the press release. “Together, we would be able to continue to provide the best-in-class financial services that will enhance the financial lives of our larger NuMark family.”
NuMark will be the surviving brand once the two entities have been legally combined, and existing branches of NorthStar will be designated as “a member of the NuMark Network,” according to a public relations representative for the two credit unions.
Second-quarter net income at both credit unions was up from the same period last year, a feat many in the industry have not been able to achieve as credit unions have struggled to boost earnings as a result of the coronavirus and related recession.