Baxter Credit Union said it plans to acquire a Chicagoland neighbor by year's end, increasing its size to nearly $7 billion in assets.
BCU ($6.5 billion in assets, 364,570 members) of Vernon Hills, Ill., 34 miles northwest of downtown Chicago, announced Monday that it plans to acquire Healthcare Associates Credit Union ($486.4 million in assets, 29,705 members) of Lisle, Ill., 26 miles west of downtown Chicago.
BCU's news release said the boards of both credit unions unanimously support the merger and will be submitting applications for regulatory approval. Once approval is obtained, HACU members will have the opportunity to vote on the merger.
BCU's merger website said the target date for the merger is Dec. 31, but impacts on members will be delayed until early 2027. No branches are expected to close.
Jim Block, who is now BCU's EVP and COO and will succeed Mike Valentine as president/CEO when Valentine retires next year, said both organizations were founded to serve people in health care.
"That shared purpose is still at the center of everything we do," Block said. "Together, we will build on that foundation to create even more value for our members and new opportunities for our employees, while preserving the care and personal service people count on."
Jack Gilbert, HACU's board chair, said "partnering with BCU allows us to expand on HACU's already strong foundation, enhancing our capabilities while staying true to the relationships and local identity that matter so much to our members."
BCU was the 59th largest credit union based on its March 31 assets. Had the merger occurred March 31, it would have raised BCU's rank to the 54th largest.
BCU earned $10.2 million in the first quarter, or a 0.64% return on average assets, while HACU earned $533,911, or a 0.44% ROA. Combined, the two would have earned $10.8 million (0.62% ROA).
HACU's $69.4 million in net worth was 14.27% of its assets March 31, while BCU had a net worth ratio of 10.10%. Combined, it would have been 10.11%.
HACU earned $2.6 million in 2025 (0.55%), down from $3.4 million (0.73%) in 2024.
BCU earned $44.3 million in 2025 (0.72%), up from $23.1 million (0.39%) in 2024.
The HACU name will continue as "HealthCare Associates Credit Union, powered by BCU." BCU's news release said the endorsed brand reflects a shared commitment to preserving HACU's legacy while expanding the strength and resources behind it.
"Bringing these two organizations together is especially meaningful to me because of how closely aligned we are in our mission and mindset," Valentine said.
"We share a deep respect for the people we serve and for the employees who support them each day as financial first responders," he said. "Together, we're combining personalized care with expanded capabilities, creating a stronger, more resilient organization that will continue to elevate financial well-being for our members and communities."
Contact Jim DuPlessis at Jim.DuPlessis@arc-network.com.
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