After five months in discussion, the $260 million Argonne Credit Union of Romeoville, Ill. expects to complete a merger Sept. 1 of the nearby $70 million Prairie Trail CU of Joliet.
The consolidation will join two healthy CUs with capital ratios at 9%, said an Argonne spokeswoman. Members of Prairie Trail, who originally approached Argonne about the consolidation, voted to aprove the merger last week following earlier board OK.
The combined CU will have branches in Romeoville, Joliet, Plainfield, Lockport, Frankfort and Woodridge along with branches in Joliet Central and Joliet West high schools. The CU also retains limited access branches for employees of Argonne National Laboratory and Fermilab.
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The combined CU will be serving more than 25,000 members and be one of the largest in the state, said a statement.
As part of the transaction, Prairie Trail's NCUA insurance is being converted to the private carrier, American Share Insurance of Dublin, Ohio.
Brian Cedergren is president/CEO of Argonne. Matt Thraen, Prairie Trail CU CEO will become president of the Joliet Division.
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