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merger-puzzleOn New Year’s Eve, members of the $59 million Chicago Municipal Employees Credit Union voted in favor to merge with the $1.4 billion Great Lakes Credit Union in Bannockburn, Ill., the financial institutions said in a prepared statement Monday.
“Chicago Municipal Employees Credit Union’s (CMECU) net worth position has been declining, and as confirmed by regulatory review, the trend which if continued is not sustainable,” CMECU said in is merger documents filed with the NCUA. “A restoration plan may not have been supported by the regulators, thus, choosing to merge with a stronger credit union was deemed to be in the best interest of our membership. CMECU merging into Great Lakes Credit Union (GLCU) will provide members with significant enhancements with regard to product suite, product features, access to capital and member experience.”
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