Great Lakes CU Merger

Great News, EFNCU is now Great Lakes Credit Union!

We’re excited to share that the merger between EFNCU and GLCU is now official! As valued members of the newly combined credit union, you’ll soon experience the benefits of expanded products and services, increased convenience, and an even greater commitment to our community. We’re working hard to ensure a smooth transition, and we’re here to support you every step of the way. Thank you for your continued membership as we embark on this exciting new chapter together.

Here’s what you can look forward to as a valued member of GLCU:

Enhanced Products and Services: Access an even wider selection of financial products, services, and helpful tools tailored to meet your unique needs.

Greater Convenience: Enjoy a larger branch network, advanced digital banking technology, and enhanced online tools for seamless account management wherever you are.

Stronger Community Impact: Benefit from expanded financial education programs, personalized counseling services, and increased support for local initiatives through the GLCU Foundation for Financial Empowerment.

Important Note: Your existing accounts will not be immediately impacted. You’ll continue to use your current account numbers, debit cards, and digital banking login information until later this year.

You are now officially a member of our combined credit union and can take advantage of all the new benefits and services available.

We’re excited to embark on this new journey with you and remain committed to providing exceptional financial services and experiences. We’ll keep you updated as we work to integrate our systems and further expand our commitment to you and your community. Thank you for your continued trust and support.

Important Merger Communications

We’ll add any communications that have been mailed to you as a member here for easy reference.

Frequently Asked Questions:

Who is GLCU?

Founded in 1938 and headquartered in Northern Illinois, GLCU is banking for a greater good. As a not-for-profit financial cooperative with over $1.3 billion in assets, GLCU is proud to serve 80,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships.

Why are EFNCU and GLCU merging?

Both credit unions sought a partner that shares our passion, dedication, and loyalty to our teams, members, and communities. We found that in each other! By merging, GLCU and EFNCU can expand our reach to more individuals and families in need of financial services and education.

Together, we’ll increase our community investment, building on the 4,000+ volunteer hours and $30 million in community assets already saved, and enhance our resources to develop innovative programs that support financial well-being throughout our communities.

Do Both Credit Unions Support the Merger?

Absolutely! The boards of both credit unions unanimously approved the proposed merger and are incredibly excited about the growth and benefits it will bring to our members, employees, and communities.

What Would This Partnership Do for the Credit Unions?

This merger allows us to implement best practices for greater positive impact on our members, employees, and communities. We’ll expand our branch network across the Chicago area, increasing our responsiveness to members’ financial needs. Additionally, this partnership will allow us to expand EFNCU’s community programs through the GLCU Foundation for Financial Empowerment. Together, we’ll serve over 94,000 members and hold approximately $1.5 billion in assets, creating a stronger combined organization.

What Are the Advantages of Being a Larger Credit Union?

As a larger credit union, we’ll have more resources for continued growth and innovation. This translates to even more benefits for members, such as expanded product and service offerings, new technologies, and enhanced services. We’re committed to preserving the unique identities of EFNCU’s partner credit unions through advisory councils to ensure we remain close to all members and communities.

How Will This Merger Benefit the Credit Union Employees?

This partnership will offer employees increased career development opportunities and specializations while maintaining a positive, collaborative culture. We’ll also establish best practices and systems, providing employees with the resources they need to excel in their roles.

Will Any Employees Lose Their Jobs as a Result of the Merger ?

Both credit unions recognize the value of our talented teams. EFNCU employees will become part of the GLCU team, and we are committed to retaining that talent and leadership.

What Does This Merger Mean for Members?

This merger will offer members:

  • More Access: Expanded branch locations and enhanced digital services.
  • Expanded Products/Services: A wider range of financial products and services to meet your needs.
  • Greater Responsiveness: Enhanced ability to adapt to evolving financial needs.
  • Improved Technology: Continued investment in the best digital banking solutions.
  • More Branches: A combined network of 14 branches across the Chicagoland area.
  • Familiar Faces: The same knowledgeable and friendly staff you know and trust.
Will Any Branches Close?

No, the combined credit union will continue to serve the Greater Chicago Area. All EFNCU members will automatically become members of the combined credit union.

Will the Field of Membership Change?

No. Today, both credit unions serve the Greater Chicago Area. This would remain the same for the combined organization.  All EFNCU members would automatically become members of the combined credit union. Once a member, always a member.

Will the Name of Either Credit Union Change?

Community branches will operate under the unified GLCU brand. EFNCU’s Select Employer Group (SEG) based locations will use a co-branded approach (e.g., S&C Electric Credit Union, d/b/a GLCU) to maintain their legacy while showcasing the strength of the GLCU brand.

What Is the Merger Process?

Great news! EFNCU members have voted to approve the merger with GLCU, and we’ve secured all required regulatory approvals. We’re now focused on finalizing the merger process, with Legal Day 1 set for June 1, 2024. Stay tuned for more updates as we get closer to this exciting milestone.

How Long Will the Transition Period Last? Will There Be Downtime for Online Banking or Certain Services?

We’re working hard to make this a seamless transition. As the merger progresses, we’ll coordinate the consolidation of our systems and minimize any downtime for members. We are committed to keeping you informed every step of the way.

Will My Interest Rates Change on Loans/Savings Accounts?

Fixed-rate loans and deposit products will remain the same. For variable-rate accounts, we are committed to offering competitive rates.

Where Do I Go to View My Account Information?

For now, you’ll continue using the same website (, online banking, and mobile app as always. We’ll give you plenty of notice before any changes happen later this year.

Will Any Fees Change or Be Added?

GLCU has lower or no fees on many services, so you’ll likely save money. We’ll provide a full fee overview closer to the system integration.

Are There New Products/Services I’ll Get Access to Immediately?

Yes! You’ll gain immediate access to:

  • Money Mammals®
  • Credit Builder Loans
  • Health Savings Accounts (HSAs)
  • Business Banking Solutions
  • Financial Counseling

Even more products and services will become available later this year.

Have Additional Questions?