LISLE, Ill. — The $479.4-million HealthCare Associates Credit Union (HACU) and the $6.5-billion Baxter Credit Union (BCU) in Vernon Hills, Ill. Have announced plans to merge. The credit unions said the combination builds on a shared focus on healthcare workers and their families.
According to the credit unions, the combined organization would bring together more than 90 years of experience serving healthcare professionals and their families. The institutions said the merger would strengthen service offerings, expand access to financial resources and create additional opportunities for members and employees.
The boards of directors of both credit unions have unanimously approved the merger proposal and will submit applications for regulatory approval, according to the credit unions. HACU members will be asked to vote on the merger once regulatory approvals are obtained.
‘Shared Purpose’
“Both organizations were founded to serve those in the healthcare community, and that shared purpose is still at the center of everything we do,” Jim Block, BCU’s executive vice president and chief operating officer and incoming president, said in a statement. “Together, we will build on that foundation to create even more value for our members and new opportunities for our employees, while preserving the care and personal service people count on.”
Joe Kregul, president and CEO of HACU, said the merger reflects a strong alignment between the two organizations.
“For us, this is about honoring who we are while strengthening what comes next,” Kregul added in a statement. “We see a natural alignment in values, culture, and commitment to members.”
Jack Gilbert, chair of HACU’s board of directors, said partnering with BCU would allow the credit union to expand its capabilities while maintaining its local identity and member relationships.
Name to Remain
Under the proposal, the HACU name would remain in use as “HealthCare Associates Credit Union, powered by BCU,” an endorsed brand the credit unions said is intended to preserve HACU’s legacy while providing access to BCU’s resources and capabilities.
Mike Valentine, president and CEO of BCU, said the merger would combine the organizations’ shared missions and member-service philosophies.
“We share a deep respect for the people we serve and for the employees who support them each day as financial first responders,” Valentine said in a statement. “Together, we’re combining personalized care with expanded capabilities, creating a stronger, more resilient organization that will continue to elevate financial well-being for our members and communities.”
What HACU Members Will Get
According to the credit unions, HACU members would gain access to a larger branch and ATM network, 24/7 bilingual support, enhanced digital banking tools and additional financial well-being resources. The organizations said members would continue to receive the personalized service associated with both institutions while benefiting from expanded capabilities.
BCU currently serves approximately 370,000 members.
