Merger creates $500M dollar credit union serving more than 50K members throughout the greater Chicago, Illinois area.
NorthStar Credit Union and NuMark Credit Union have announced their merger has received approval by majority vote of the NorthStar CU membership. The legal merger date for the two organizations is planned for January 1, 2021. At the time of the legal merger date NorthStar CU and NuMark CU will begin to operate as one legal entity. From a member perspective, there will be minimal impact at that time. Both organizations will continue to serve their members “business as usual” at their individual branch locations as they ramp up efforts to have their systems fully integrated by March 2021. Once the two credit unions have fully integrated, all branches will operate as NuMark Credit Union.
Lloyd Fredendall will become the President/Chief Executive Officer of the combined organization as of January 1, 2021 when Ann Dubie, President/Chief Executive Officer of NuMark CU will retire.
This collaborative merger between these two independently strong, successful credit unions will bring greater value to their combined members, employees, and the communities they serve. NuMark CU and NorthStar CU, both ranked in the Top 200 Credit Unions in America for their excellent financial health by DepositAccounts.com, share similar values, a member-first philosophy, believe passionately in helping members achieve their financial dreams, and are committed to making a difference in the communities they serve.
Lloyd Fredendall, CEO commented, “Ann and I have known one another for years, but it wasn’t until we sat down and started talking about a merger between NorthStar and NuMark that we realized just how aligned our two organizations are. From our branch network footprint, to our values, our commitment to our employees and local communities, and our shared member-first philosophy, we couldn’t have asked for better synergies.” Fredendall goes onto say, “I want to thank the NorthStar members, board members, and employees alike for their active participation in the voting process and for their commitment and loyalty to our ongoing growth and success.”
Ann Dubie, President added, “The time is perfect to combine the strengths of our two amazing credit unions. The economies of scale we gain long-term will provide additional resources to better serve members, make ongoing infrastructure and technology investments, and become even more competitive in the markets we serve.”
For more information and updates as the merger process moves forward, members can visit the credit unions’ respective websites (www.numarkcu.org and www.nscu.org).