The $14 million, 4,037-member Chicagoland Electrical Industry Credit Union in Willow Springs, Ill., has merged into the $632 million, 53,105-member Great Lakes Credit Union in North Chicago.
Like many very small credit unions, Chicagoland Electrical Industry CU has been struggling financially with declining loan, fee and investment income over the past five years. From 2008 to 2012, the west suburban Chicago cooperative posted a total net income loss of more than $950,000, according to NCUA financial performance reports.
Chicagoland Electrical Industry CU was charted in 1981.
The credit union’s sole branch will close Oct. 30, according to Great Lakes CU, which took in four other credit unions by merger in 2011.