The $14 million, 4,037-member Chicagoland Electrical IndustryCredit Union in Willow Springs, Ill., has merged into the $632million, 53,105-member Great Lakes Credit Union in North Chicago.
|Like many very small credit unions, Chicagoland ElectricalIndustry CU has been struggling financially with declining loan,fee and investment income over the past five years. From 2008 to2012, the west suburban Chicago cooperative posted a total netincome loss of more than $950,000, according to NCUA financialperformance reports.
|Chicagoland Electrical Industry CU was charted in 1981.
|The credit union's sole branch will close Oct. 30, according toGreat Lakes CU, which took in four other credit unions by merger in 2011.
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