WAUKEGAN, Ill.—Consumers CU here is set to absorb Palatine, Ill.-based Premier CU, creating an institution with nearly $870 million in assets spanning from northern Cook County, Ill. to the Wisconsin border in Lake County.
The merger has already been approved by state and federal regulators and insurers, and Premier's members approved the measure on Aug. 20. While the two institutions will merge officially on Nov. 1, they will run as-is until Feb. 1, 2016, offering time to update and convert products, services and technology for the combined credit union.
Leslee Johnson, PCU's board chair, said the merger "will provide improved loan and dividend rates plus scalability for enhanced product and service development."
Similarly, Premier's president and CEO, James Roche, said in a statement that "there is no doubt that both our credit unions complement one another."
Sean Rathjen, president and CEO of Consumers CU, spoke highly of PCU's history of looking after its membership.
"For more than 50 years, Premier Credit Union has provided service to their members, and we look forward to building upon that same tradition."
