Two Historic Credit Unions Become One

Sean Rathjen Sean Rathjen is the President of Consumers Credit Union.
  • Posted on 10/20/2015
The recently announced merger between Consumers Credit Union and Premier Credit Union has been agreed upon and delivered to the Illinois Department of Financial and Professional Regulation (IDFPR) and National Credit Union Administration (NCUA).
The recently announced merger between Consumers Credit Union and Premier Credit Union has been agreed upon and delivered to the Illinois Department of Financial and Professional Regulation (IDFPR) and National Credit Union Administration (NCUA), the regulator and insurer, respectively, for both Premier Credit Union and Consumers Credit Union. The merger was formally approved by the Members of Premier Credit Union on August 20th.

Premier Credit Union was founded in 1961 as a member-owned financial institution and is very proud of their long history of serving its Members. The credit union began serving school district employees and their families in Palatine and Schaumburg, Illinois.  Since that time, Premier Credit Union has grown to serve twenty school districts in the northwest suburbs along with higher education institutions, municipalities, select employee groups, and community members.  Premier CU also serves anyone living or working in numerous townships in the northwest suburbs of Chicago.

With the agreement of both Boards of Directors and Members of Premier Credit Union, Premier Credit Union has agreed to merge with Consumers Credit Union. As a result Consumers Credit Union will have over $869 million in assets and nine Service Centers spanning from northern Cook County to the Wisconsin border in Lake County becoming one of the largest credit unions in the state of Illinois.

Consumers Credit Union is thrilled to welcome the Members of Premier Credit Union. The merger will become official on November 1st, however the two credit unions will run their respective operations as-is until February 1, 2016. This provides time to update and convert products, services, technology, and staff into one outstanding organization.

Consumers Credit Union will gain three additional Service Centers as a result of the merger with Premier

Credit Union located in Northbrook, Palatine, and Schaumburg. These new Service Centers will join the already established six Consumers Credit Union Service Center locations in Waukegan, Mundelein, Round Lake Beach, Gurnee, North Waukegan, and Volo.

The Consumers Credit Union Board of Directors are incredibly excited for the opportunity to partner with Premier Credit Union. For more than 50 years, Premier Credit Union has provided exceptional service to their Members and Consumers Credit Union will continue that same tradition. It is a positive reflection, on both credit unions, as they work together to improve and expand products and services for all Members.

More information will be made available during and through the transition.