Two north-central Illinois credit unions have received regulatory approval and the votes of both members and directors to merge operations.
Effective Aug. 31, the $2.7 million Del Monte Eastern Region Employees Federal Credit in Rochelle, Ill., merged with the $80.7 million Rock Valley Credit Union in the Rockford, Ill. suburb of Love's Park. The merger was approved by a majority vote of Del Monte members on June 26.
The combined entity, operating as Rock Valley Credit Union, will have more than $83 million in assets. Members of the former Del Monte will have access to more services, including checking and money market accounts; online, telephone and mobile banking; debit and credit cards and a greater variety of consumer and mortgage loan products.
Rock Valley also participates in the Shared Branch network, giving members access to 5,000 locations nationwide, and the CO-OP Financial Services network of 30,000 surcharge-free ATMs nationwide.
Del Monte, which had 700 members, was formed in 1942 as Calpack Midwest Federal Credit Union, amending its charter and changing its name in 1968.
Rock Valley, originally chartered as Barber-Colman Employees Federal Credit Union in 1968, assumed its current name and identity in 1991. Membership in the newly merged credit union is open to anyone who lives, works, worships or attends school in Winnebago County, Ill., or the city of Rochelle, Ill.
“Our organization is dedicated solely to securing members' financial future by meeting and exceeding their expectations,” said Mike Rosek, Rock Valley's president and CEO “We are excited for this opportunity to be serving our new members from DMCU.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
