SIU Credit Union, a $326 million institution based in Carbondale, Ill., has received approval from the Illinois Department of Financial and Professional Regulation to add thirteen additional Illinois counties to its field of membership (FOM).
Membership will now be available to consumers who live or work in Alexander, Clinton, Edwards, Gallatin, Hamilton, Hardin, Monroe, Pope, Pulaski, Wabash, Washington, Wayne, or White counties, in southern Illinois.
"SIU Credit Union is where all of southern Illinois can belong to a not-for-profit, member-owned financial cooperative," said Mike Lantrip, president and CEO of SIU CU, in a statement. "We've served this region for over 75 years and are committed to bringing the new members in these counties the best products and services in the financial industry."
The expansion move comes just days after the National Credit Union Administration approved a major overhaul of field of membership rules, enabling federally chartered credit unions to make it easier for consumers to join. One of the chief drivers behind that shift was the need for federal charters to remain competitive with state charters, which are growing at a faster rate than federal charters and many of which make it easier for CUs to broaden their FOM.
