BANNOCKBURN, Il.—The $1.5-billion Great Lakes Credit Union here and East Chicago Fireman’s Credit Union have finalized their merger after ECFCU members voted in favor of the combination and regulators approved.
Data conversion is scheduled for late August, GLCU stated in a release.
ECFCU is a select employee group credit union based in East Chicago, Ind., that exclusively serves East Chicago Fire Department employees and their family members through a single location.
ECFCU was looking for a strategic partner that would allow them to offer more products and services, maintain membership, and meet growing regulatory compliance requirements, GLCU said.
GLCU has also gained regulatory approval to expand its field of membership to Lake County, Indiana, and Porter County, Indiana, adding to GLCU’s expansion into central Indiana earlier this year.
“GLCU is pleased that ECFCU sought us as a merger partner to expand their product and service offering to their membership in the competitive and changing financial services industry,” said Steve Bugg, CEO and president of GLCU. “We’re excited to welcome ECFCU members to the GLCU family.”
“It’s been my pleasure to serve as manager all these years. Changing times require change, and ECFCU is ready for change,” said ECFCU Manager Joanne DeYoung.