Great Lakes CU Secures Significant Secondary Capital Deal
The multi-million dollar agreement will help expand products and services to members.
On Friday, the Bannockburn, Ill.-based Great Lakes Credit Union stated it had secured $10 million in secondary capital through the independent advisory firm Brean Capital, in a deal that will allow the low-income designated credit union to further its abilities to serve its members.
“With this secondary capital, we’ll be able to expand the work we’re doing to financially empower people and communities across Northern Illinois,” said Steve Bugg, president/CEO of GLCU. “This infusion of capital does more than further strengthen our balance sheet. It enables us to offer new, innovative products and services, as well as provide expanded financial tools and resources in order to remain competitive in the ever changing financial services industry.”
In a statement, GLCU ($1 billion in assets, 79,036 members) said it received approval for the secondary capital deal from the State of Illinois regulator for State-Chartered Credit Unions, as well as the Illinois Department of Financial and Professional Regulation’s Division of Financial Institutions.
“We were pleased to work with Great Lakes Credit Union throughout the entire process,” said Jeremy Colvin, managing director at Brean Capital. “Through the process, Great Lakes became a very strong strategic partner.”
According to Friday’s statement, the infusion of new capital will help GLCU grow its membership in Chicago and the surrounding areas. The money will fund other projects, such as:
- Create innovative in-branch, digital and call center experiences.
- Deepen member relationships by expanding financial education options.
- Increase relevant products and services for members.
GLCU also stated the money will allow the credit union to “impactfully expand” its community giving.