Members of Encore Federal Credit Union of Des Plaines, Ill., have approved a proposal to merge the $33 million institution with Consumers Credit Union, of Waukegan, Ill.
The Illinois Department of Financial and Professional Regulation and the National Credit Union Administration, the respective regulators for Encore and CCU, have both approved the merger, which will take effect on July 1.
The parties said that the combined organization will have ten service centers in Lake and northwestern Cook Counties, with assets of about $1.15 billion and more than 91,000 total members.
The proposed merger had already been approved by the boards of directors of both credit unions earlier this year.
"We are excited to offer our members the combined strength and resources of two outstanding credit unions," Encore Chairman of the Board Shawn Clisham said in a statement. "Our members will now have access to more checking, deposit and loan products than ever before, with an opportunity for even better loan and dividend rates."
Sean M. Rathjen, CCU's CEO, called the merger a “win” for Encore members who'll receive a “more robust offering” of products and services, both online and at the service centers.
“It's a win for Encore employees as they join CCU's innovative and growing team,” Rathjen added. “And it's also a win for CCU, as we expand our footprint into a new geographic area”
According to its Call Reports, CCU generated net income of about $5.6 million in 2016, up from $4.4 million in the prior year.
Encore posted net income of about $86,000 last year, after recording a figure of about $6,700 in 2015.
