DANVILLE — Members of the Danville branch of Vibrant Credit Union received a letter this week notifying them of its purchase by Great Lakes Credit Union.
GLCU, headquartered in the northern Chicago suburb of Bannockburn, first announced the purchase in December.
The not-for-profit financial cooperative and credit union, which has more than $1.6 billion in assets and is insured by the National Credit Union Administration, is acquiring about 12,000 accounts, $66 million in deposits and $22 million in loans from Vibrant.
GLCU officials said new accounts and loans can be opened digitally and at the Danville branch after the sale closes.
The Danville branch’s staff will be retained.
“This purchase aligns with GLCU’s mission of expanding access through financial empowerment, as well as the credit union’s commitment to offering state-of-the-art products, services and technology on a wide membership base,” a GLCU press release said.
The release said GLCU is dedicated to giving back to the communities it serves, including offering free financial and housing counseling services certified by the Department of Housing and Urban Development, youth financial education, community support, partnerships and scholarships.
“We are thrilled to expand our footprint into Central Illinois and Western Indiana,” GLCU President and CEO Steve Bugg said in the release.
“We look forward to welcoming members from Vibrant’s Danville branch. … This expansion not only enhances our membership base but also strengthens our ability to give back, ensuring that we can provide valuable resources to those who need them most.”
The purchase follows GLCU’s recent merger with Encurage Financial Network Credit Union, which became official in June.
GLCU was founded in 1938 and serves 95,000 members.
