Though Bensenville Community's sole branch is expected to remain open through the fall, it will eventually be closed because Credit Union 1 operates a branch about five miles away in North Lake, Simons said.

Bensenville Community's six credit union employees will have every opportunity to apply for jobs for which they are qualified at Credit Union 1, he said.

Simons said he was named as Bensenville Community's manager/trustee because Credit Union 1 worked with state regulators over the years with different problem cases that they have had.

"Typically, we always do mergers, but in this case, the credit union actually was liquidated and then it became a purchase and assumption," Simons said. "We purchased substantially all of the assets and substantially all of the liabilities."

Simons said at least five other credit unions were invited by ASI to conduct due diligence and consider bidding for the purchase and assumption of Bensenville Community.

"When any credit union came into the office to do their due diligence, McNeill removed himself because we wanted to make sure there was no hint that we had any kind of insider knowledge," Simons said. "He left the other credit unions that were reviewing and doing their due diligence to talk with his assistant, talk to the staff," he said. "He left himself out of it."

Simons also said McNeill was not involved in Credit Union 1′s due diligence process.

McNeil said the members are receiving a notice of the purchase as soon as it can be mailed to them.

However, members were informed at the credit union's annual meeting May that it was seeking a merger partner.