Two north-central Illinois credit unions have received regulatory approval and the votes of both members and directors to merge operations.
Effective Aug. 31, the $2.7 million Del Monte Eastern Region Employees Federal Credit in Rochelle, Ill., merged with the $80.7 million Rock Valley Credit Union in the Rockford, Ill. suburb of Love’s Park. The merger was approved by a majority vote of Del Monte members on June 26.
The combined entity, operating as Rock Valley Credit Union, will have more than $83 million in assets. Members of the former Del Monte will have access to more services, including checking and money market accounts; online, telephone and mobile banking; debit and credit cards and a greater variety of consumer and mortgage loan products.
Rock Valley also participates in the Shared Branch network, giving members access to 5,000 locations nationwide, and the CO-OP Financial Services network of 30,000 surcharge-free ATMs nationwide.
Del Monte, which had 700 members, was formed in 1942 as Calpack Midwest Federal Credit Union, amending its charter and changing its name in 1968.
Rock Valley, originally chartered as Barber-Colman Employees Federal Credit Union in 1968, assumed its current name and identity in 1991. Membership in the newly merged credit union is open to anyone who lives, works, worships or attends school in Winnebago County, Ill., or the city of Rochelle, Ill.
“Our organization is dedicated solely to securing members’ financial future by meeting and exceeding their expectations,” said Mike Rosek, Rock Valley’s president and CEO “We are excited for this opportunity to be serving our new members from DMCU.”