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Earthmover Credit Union and Peoples Energy Credit Union announced a merger.
Peoples Energy Credit Union members will join Earthmover Credit Union’s membership and operate under the Earthmover name. ECU is a nonprofit full-service banking institution that has been serving its members for more than 60 years.
Membership is available to anyone living or working in one of the following counties: Kane, Kendall, DuPage, Will, LaSalle, DeKalb and Grundy. ECU provides banking services to more than 29,000 members at its six branch offices located in Yorkville, Montgomery, Oswego, Aurora and North Aurora, as well as a student-run branch in Oswego High School.
“Merging with Earthmover Credit Union will allow us to continue acting in the best interest of our members by providing convenient access to a wider range of products and services, better technology and more value without sacrificing the service you expect and deserve from a credit union,” Peoples Energy Board Chairperson Cecilia James said in a news release.
The mutually beneficial decision was reached in order to ensure the long-term success of Peoples Energy Credit Union’s membership, according to the release. The merger will expand the availability of products and services for Peoples Energy members.
The merger is expected to be completed by July 1. Peoples Energy Credit Union selected Earthmover Credit Union as a suitable merger candidate based on its impressive commitment to financial wellness, organizational strength and shared mission, according to the release.
Peoples Energy Credit Union has 1,900 members.
“We are eager to welcome the Peoples Energy members into the Earthmover family and share our many products and services with them,” Earthmover Credit Union President/CEO Kelly McDonough said in the release. “We will be reaching out to welcome them and hope to strengthen our relationship.”
Earthmover Credit Union has more than $380 million in assets and more than 29,000 members, serving the northern Illinois community since 1958. The Peoples Energy Credit Union location in Chicago will close and members will be served at any of Earthmover’s five branches and ATM network.
Peoples Energy members will receive information with details regarding the merger. Earthmover’s website will be updated with the latest information. Both parties are predicting a smooth transition that will ensure the continued financial strength of both memberships.
As a nonprofit organization, Earthmover returns its earnings to its members through lower loan rates, higher savings rates, lower fees and more, according to the release. For more information, call ECU at 630-844-4950 or go to its website at earthmovercu.com.