Premier in Illinois Merges Maine Schools CU
Marking a new phase in its Chicago area expansion, the $125 million Premier Credit Union of Palatine, Ill. is merging this month the $5 million Maine Township Schools CU of nearby Park Ridge.
The consolidation "of two healthy and well capitalized credit unions" is the first for Premier in nine years and represents a broadening of the product and service portfolio for the Park Ridge CU, whose board approached Premier early last year about a merger, said James Roche, president/CEO of Premier.
The combined CU, which has a community charter, will have five branches serving an education membership base in suburbs northwest of Chicago.
"Maine Schools though sustaining losses last year had higher equity than ours at 14.5% but its board felt a partner was the right move for them and so they selected us," said Roche whose CU has been in the 11-12% capital range.
Roche said he expects Premier to complete the computer conversion some time in March.
MTSCU was chartered in 1959 to serve local school district employees and their families. Its current location remains inside Maine East High School. Roche said there are no current plans to add additional education CUs "but we're always on the lookout provided they are a good fit."