Illinois-based Credit Union 1, one of the leaders among privately insured CUs in the merger market, is ready to take over its third, small struggling CU in a year.
The $650 million Rantoul CU said this week it has agreed to take over the $14 million Elgin City Employees CU, which since June has been under a state cease and desist order following large recession-related loan losses.
"We read the financial statements, saw what was happening and we approached them about a merger and their board agreed," said Paul Simons, president/CEO of Credit Union 1, which in 2009 merged the failing $185 million Cumorah CU of Las Vegas. Since then, the downstate Illinois CU has merged two other small CUs, the $1.5 million ICG CU of Champaign and the $1.3 million IAM CU of Chicago.
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