Great Lakes Credit Union expands into Central Illinois and Western Indiana through asset purchase from Vibrant Credit Union
BANNOCKBURN, IL (November 7, 2024) — Great Lakes Credit Union (GLCU), a not-for-profit financial cooperative headquartered in Northern Illinois with more than $1.6 billion in assets, is pleased to announce its expansion into Central Illinois and Western Indiana through a strategic purchase of a Vibrant Credit Union branch located in Danville, Illinois.
GLCU is acquiring nearly 12,000 accounts, $66 million in deposits, and $22 million in loans from Vibrant. The asset acquisition aligns with GLCU’s mission of expanding access to financial empowerment, as well as the credit union’s commitment to offering state-of-the-art products, services, and technology to a wide membership base.
Members of Vibrant’s Danville branch will soon gain access to GLCU’s suite of innovative products and services, including digital banking, 24/7 assistance from GLCU’s AI chatbot Olive, interest-bearing checking accounts, competitive rates on loans and savings accounts, and more.
GLCU is dedicated to giving back to the communities it serves. This expansion will allow GLCU to extend its community giveback programs into Central Illinois and Western Indiana through the GLCU Foundation for Financial Empowerment. Key services offered through the Foundation include free HUD-certified financial and housing counseling services, youth financial education, community support, partnerships, and scholarships.
“We are thrilled to expand our footprint into Central Illinois and Western Indiana. We look forward to welcoming members from Vibrant’s Danville branch to GLCU,” said Steve Bugg, GLCU’s President and CEO. “This expansion not only enhances our membership base but also strengthens our ability to give back, ensuring that we can provide valuable resources to those who need them most in Northern and Central Illinois along with three counties in Western Indiana.”
This asset purchase follows GLCU’s recent merger with encurage financial network credit union (EFNCU). GLCU and EFNCU announced their intention to merge in January 2024, and the merger became official on June 1, 2024. EFNCU brought 14,000 members, mostly in the Chicagoland area, and more than $200 million in assets to GLCU through the merger.
About GLCU Foundation for Financial Empowerment
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 more than $1.6 billion in assets, GLCU is proud to serve 95,000 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.
