Great Lakes Credit Union & Encurage Financial Network Credit Union Announce Intent to Merge

Subject to Regulatory Approval

GLCU

CLAWSON, MI – December 18, 2023 – McQueen Financial Advisors provided exclusive financial advisory services.

Great Lakes Credit Union (GLCU) and encurage financial network credit union (encurage) are excited to announce their plans to merge pending regulatory approval and an encurage membership vote. If approved, the combined organization will operate under the unified brand name, Great Lakes Credit Union. The credit unions are targeting a close later this year as a legal effective date for the merger. Both boards have voted in favor of the combined merger.

Steve Bugg, President and CEO of Great Lakes Credit Union says, “GLCU chose encurage as a merger partner because they are committed, as are we, to member focus, leadership, community involvement, and a vision for the future. We share a mutual dedication to our members, employees, and communities. Great Lakes Credit Union welcomes the entire encurage financial network of credit unions to our organization and look forward to continuing the legacy and success these credit unions have become known for. Our intent is to ensure these partner credit unions continue their unique identity that is tied back to their originating sponsors. In doing so, we are committed in keeping their voices heard under the advisory councils to ensure we remain close to our members and communities.”

About Great Lakes Credit Union

Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union 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.

About Encurage Financial Network Credit Union

encurage financial network credit union was formed in 2023 to provide collaborative solutions for the members of four small asset-size credit unions with legacies extending back as far as 1936. encurage has steadily expanded and grown, serving over 14,000 members and holding over $220 million in assets

About McQueen Financial Advisors

McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen advises on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.

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