CHICAGO Great Lakes CU will pick up a branch in nearby Willow Springs with the acquisition of Chicagoland Electrical Industry CU, a struggling one-time $22-million credit union.
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The deal is the fourth for Great Lakes in the past 18 months, helping it to grow assets to $650 million from $540 million. The other credit unions recently merged into Great Lakes are: Hawthorne CU, Thornton Township School FCU and Tinley Forest Employees FCU. As a result, Great Lakes now serves anyone living in Lake, McHenry, DuPage, Kane, Kendall, Will and parts of Cook counties in Illinois, and Kenosha County in Wisconsin.
Chicagoland Electrical Industry CU represented the electrical workers union and reported losses for each of the past six years.
