Bannockburn, Ill.-based Great Lakes Credit Union (GLCU) announced it has received $10 million in secondary capital through a partnership with Brean Capital, an independent advisor that serves the needs of credit unions and banks across the nation.
“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 and 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.”
The National Credit Union Administration (NCUA) – the regulating body for credit unions – allows secondary capital for low-income designated financial institutions like GLCU. Secondary capital provides credit unions the ability to support organic growth initiatives, investments in technology and acquisitions.
Approval was received from the State of Illinois regulator for State-Chartered Credit Unions, and 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.”
With the infusion of capital, GLCU will continue to grow its membership base in Chicagoland and the surrounding areas; create innovative in-branch, digital and call center experiences to support its growing membership base; and deepen relationships with members and surrounding communities by expanding its financial education options and offering increasingly relevant products and services.
GLCU is committed to financial empowerment for everyone, and giving back to its communities is one of the credit union’s core values. This secondary capital transaction enables GLCU to impactfully expand its services.