Great Lakes Credit Union and North Side Community Federal Credit Union merge
BANNOCKBURN, IL (August 16, 2019) — Great Lakes Credit Union (GLCU) and North Side Community Federal Credit Union (NSCFCU) have merged effective August 1, 2019. North Side’s Uptown branch, located at 1011 W. Lawrence Avenue, Chicago, IL reopened as GLCU and will once again provide GLCU members a branch in Chicago.
North Side Community Federal Credit Union served over 3,000 members since 1974 from their headquarters location in Uptown providing financial products and services to the unbanked and under-banked along with grant funded housing counseling services to the general community. NSCFCU is known nationally for their dedication and service to those of low-to-modest means.
“Great Lakes Credit Union is pleased to have been chosen as the merger partner for North Side Community Federal Credit Union. GLCU is pleased that we will be able to once again offer a branch to our members in Chicago after vacating the city a few years ago. In addition, NSCFCU offers several products and services that are primarily targeted to low-to-modest income members. GLCU will now offer these products and services to our existing and new members throughout Chicagoland due to our scale and size. NSCFCUs grant funded housing counseling services will be expanded overtime and as grant funding allows. GLCU is pleased to be able to offer expanded lending, deposit and investment products and services to NSCFCU members in addition to expanding our delivery channel options (including our technology) to our new members from NSCFCU such as our Online Banking platform, Mobile Banking App, Call Center, Loan Center, Nationwide Shared Branching, 30,000 Nationwide ATMs along with eleven other branch locations. I am extremely proud that all NSCFCU employees decided to join GLCU post-merger in a variety of roles. NSCFCU and GLCU both have a very strong commitment to tradition and giving back to our local communities and believe in our “People Helping People” Philosophy by assisting our communities and by volunteering and donations. With any merger both organizations must find a “win-win” and I feel that we have achieved this goal for both credit unions and our members. On behalf of our volunteer Board of Directors and over 200 employees I welcome NSCFCU to our family” said Steve Bugg, President/CEO of Great Lakes Credit Union.
“NSCFCU was founded with a deep commitment to serving underserved communities. NSCFCU’s Board of Directors recognized a need to respond to changing technology, local demographics and member’s needs and began to seek a merger partner last year. The primary goal was to find a credit union partner that would understand the credit union’s legacy. NSCFCU’s founding sponsor was Hull House; and it was one of the first credit unions in the United States to offer a small dollar payday alternative loan, as well as the first to offer a citizenship loan product. After extensive due diligence, the Board of Directors and executive management of NSCFCU were excited to choose GLCU as a merger partner because of its commitment to help NSCFCU expand upon and leverage its commitment to innovative work in underserved neighborhoods” said Sarah Marshall, MBA, CCUE, CEO of North Side Community Federal Credit Union.
About Great Lakes Credit Union
Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good. As a not-for-profit financial cooperative with over $1.3 billion in assets, GLCU is proud to serve 80,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more about GLCU’s accounts, educational initiatives, and community development programs at www.glcu.org.
About North Side Community Federal Credit Union
North Side Community Federal Credit Union was founded in 1974 with the mission of providing alternative financial resources to its diverse community. North Side Community Federal Credit Union was a low income designated credit union and held the CDFI certification from the US Treasury. It served the neighborhoods of Uptown, Edgewater, Rogers Park and Lakeview, and offered HUD approved housing counseling services to the greater Chicago region. To learn more about the GLCU and NSCFCU merger visit glcu.org/NSCFCU
