Two Illinois Credit Unions Announce Plans To Merge
By CU Today Staff —
STREATOR, Ill.—Streator Onized Credit Union and ANCO Community Credit Union have announced plans to merge in a deal that would expand SOCU’s presence into the La Salle-Peru market, according to Shaw Local.
The merger remains subject to approval by ANCO members and regulators. Streator Onized has approximately $423 million in assets, while La Salle, Ill.-based ANCO has approximately $10 million.
The credit unions said the combination is intended to enhance services, expand resources and strengthen the institutions for the long term. ANCO members would gain access to SOCU’s broader financial product lineup, branch network and digital banking tools, while ANCO’s La Salle location would remain open.
“This partnership represents a natural fit between two organizations that share the same core philosophy of ‘People Helping People’,” said SOCU CEO Doug Patterson. “We are honored to welcome ANCO members and expand our branch network to the La Salle-Peru community. SOCU remains committed to preserving the personal experience they value while providing additional resources and conveniences.”
“After careful consideration, our board of directors determined this merger is in the best long-term interest of our membership,” said Wanda Bunzell, president and CEO of ANCO. “Joining SOCU allows us to provide enhanced services and greater financial opportunities while continuing our mission of serving our members’ financial needs.” Shaw Local reported Bunzell will remain with the combined organization and manage the La Salle location.
Originally reported by CU Today.