THE FOLLOWING IS A NEWS-GAZETTE ARTICLE BY JENNIFER BAILEY (AND VIBRANT)
DANVILLE — Vibrant Credit Union members received a letter this week about Great Lakes Credit Union (GLCU), a not-for-profit financial cooperative and Illinois State-Chartered Credit Union, ensured by the National Credit Union Administration and headquartered in northern Illinois, purchasing Vibrant Credit Union’s branch and assets in Danville.
GLCU has more than $1.6 billion in assets, and is acquiring about 12,000 accounts, $66 million in deposits and $22 million in loans from Vibrant.
New accounts and loans can be opened digitally and at the Danville branch post-closing of the transaction. The same friendly staff will continue to serve members at the branch, GLCU announces.
“This purchase aligns with GLCU’s mission of expanding access through financial empowerment, as well as the credit union’s commitment to offering state-of-the-art products, services and technology on a wide membership base,” according to a GLCU press release.
GLCU also is dedicated to giving back to the communities it serves, including offering free HUD-certified financial and housing counseling services, youth financial education, community support, partnerships and scholarships. It looks forward to participating in community events and volunteering.
“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 GLCU President and CEO Steve Bugg. “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 and in Western Indiana.”
GLCU welcomes members and staff from Vibrant’s Danville branch, and will be sending more detailed information about the transition and its products and services soon, the letter to members reads.
This asset purchase follows GLCU’s recent merger with encurage financial network credit union (EFNCU). GLCU and EFNCU announced their intention to merge in last year and the merger became official in June. EFNCU brought 14,000 members, mostly in the Chicagoland area, and more than $200 million in assets to GLCU through the merger. GLCU was founded in 1938 and serves 95,000 members in Chicagoland and surrounding areas.
