Consumers Credit Union, Scott CU Announce $6.46B Merger
By CU Today Staff —
LAKE FOREST, Ill. — Consumers Credit Union and Scott Credit Union announced plans Thursday to merge in a combination that would create a $6.46 billion-credit union serving more than 424,000 members.
The legal merger is expected to take effect June 1, 2027, subject to regulatory approval and approval by Scott Credit Union members. The boards of both Illinois credit unions unanimously approved the proposed combination. Lake Forest-based Consumers has $4.6 billion in assets and more than 290,000 members, while Edwardsville-based Scott has approximately $1.84 billion in assets and more than 131,000 members.
“This proposed merger builds on the strengths of two successful organizations to create something even greater for our members,” said Sean Rathjen, CEO of Consumers Credit Union. “Together, we can invest more in technology and expand our capabilities. We can also strengthen our communities while continuing to deliver the personalized service our members expect. We are proud to build on Scott Credit Union’s military heritage. Supporting military members, veterans, military families, and first responders will remain an important part of our shared future.”
Frank Padak, president and CEO of Scott Credit Union, added, "Both organizations share a deep commitment to putting people first. By combining our strengths, we can create more opportunities for members, employees, and the communities we serve while remaining focused on the cooperative principles that define us."
The credit unions said the combination would provide greater scale for investments in digital services and technology, expand branch and service access and enhance lending capabilities.
Originally reported by CU Today.