Five Illinois Credit Unions Announce Proposed Plans to Merge

The $3.5 billion Consumers Credit Union (CCU) in Lake Forest, Ill., plans to merge with the $417 million KCT Credit Union in Elgin and the $39.1 million Rockford Bell Credit Union in Loves Park. In addition, the $28.9 million Peoples Energy Credit Union in Chicago is expected to consolidate with the $381 million Earthmover Credit Union in Oswego.

The CCU consolidations were announced in separate news releases on April 3.

If the proposed mergers are approved by regulators and members, CCU assets would grow to more than $3.7 billion, while its membership would expand from 222,367 to nearly 255,000 and its number of locations would increase from 16 to 26.

The organizations would continue to operate as Consumers Credit Union.

Insured by ASI, KCT will hold a vote of its 28,984 members later this year since the combined credit union will operate under CCU’s charter.

Ninety-seven KCT employees run eight locations.

“This merger is more than just a unification of two credit unions; it’s a testament to our shared vision of delivering exceptional value and service to our members, partners and communities,” KCT CEO R. Michael Lee said in a prepared statement. “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.”

Rockford Bell’s 14 employees operate two locations that serve more than 3,500 members throughout Winnebago, Boone, Ogle, Stephenson, Jo Davies, Carroll, Whiteside and Lee counties, and more than 35 employee groups.

“The Board of Directors and I are very excited about what this merger will bring: Additional services and products to Rockford Bell Credit Union’s members and enhanced employee benefits for the staff,” Rockford Bell President/CEO John Hansen said.

Rockford Bell’s members are expected to vote on whether to approve the proposed consolidation later this year.

Peoples Energy Credit Union in Chicago said last week that it expects to complete its consolidation with Earthmover Credit Union in Oswego in July.

“Merging with Earthmover Credit Union 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,” Peoples Energy Board Chair Cecilia James said in a prepared statement.

Currently, Peoples Energy’s three employees run one branch and serve nearly 2,000 members.

Earthmover’s 86 employees run six branches in Yorkville, Montgomery, Oswego, Aurora and North Aurora, and serve 29,373 members.

Post-merger, the Peoples Energy Chicago location will close, according to a prepared statement.

Both credit unions are insured by ASI.