STREATOR, Ill.–Two Illinois credit unions, one of which is significantly undercapitalized, said they are looking to combine.
The $423.3-million Streator Onized Credit Union and the $10.2-million ANCO Community Credit Union in LaSalle, Ill. said they are pursuing a merger.
In a statement, ANCO CCU said its members will gain access to SOCU’s broader range of financial products, expanded branch network and digital banking tools once the merger goes through officially, according to a news release.
Streator Onized, which was chartered in 1939 and has approximately 38,500 members, posted $2.5 million in net income at midyear, with net worth of 15.58%. ANCO Community, chartered in 1955 to serve employees of American Nickleloid, posted a loss of $104,107 and had net worth of just 4.8% as of June 30.
“This partnership represents a natural fit between two organizations that share the same core philosophy of people helping people,” said SOCU CEO Doug Patterson in a statement. “We are honored to welcome ANCO members and expand our branch network to the La Salle-Peru community. SOCU remains committed to preserving the personal experience they value while providing additional resources and conveniences.”
The credit unions said ANCO Community’s La Salle location will remain open.
‘Best Long-Term Interest’
“After careful consideration, our board of directors determined this merger is in the best long-term interest of our membership,” Wanda Bunzell, president and CEO of ANCO, said in a statement. “Joining SOCU allows us to provide enhanced services and greater financial opportunities while continuing our mission of serving our members’ financial needs.”
Bunzell will continue her career and manage the La Salle location, the credit unions said.
The merger is pending approval by ANCO’s membership and regulatory authorities.
