The Bank Slate


Three credit union mergers announced in Illinois

Three credit unions mergers were announced in Illinois.

The $3.5 billion Consumers Credit Union in Lake Forest is planning to merge with the $417 million-asset KCT Credit Union in Elgin and the $39.1 million-asset Rockford Bell Credit Union in Loves Park. 

Members at KCT and Rockford Bell will vote on the mergers later this year.

The merger is “a testament to our shared vision of delivering exceptional value and service to our members, partners and communities,” R. Michael Lee, KCT’s CEO, said in the release. “More significantly, it amplifies our capacity to empower the communities we serve, enabling us to deepen our engagement and enhance our support in meaningful ways that truly make a difference.

The merger “will bring additional services and products to Rockford Bell Credit Union’s members and enhanced employee benefits for the staff,” John Hansen, the selling credit union’s president and CEO, said in a press release.

Separately, the $381 million-asset Earthmover Credit Union in Oswego will merge with the $28.9 million-asset Peoples Energy Credit Union in Chicago. The merger is expected to be completed in July; Peoples Energy’s branch is set to close.

The merger “will allow us to continue acting in the best interest of our members by providing convenient access to a wider range of products and services, better technology and more value, without sacrificing the service you expect and deserve from a credit union,” Cecilia James, Peoples Energy’s chairman, said in a press release.

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