The Board of Directors of Processors-Industrial Credit Union of Granite City has entered into a merger agreement with Midwest Members Credit Union. Approval of the merger was granted by the Illinois Department of Financial and Professional Regulation and the National Credit Union Administration.
Lou Bicanic, President and CEO of Midwest Members Credit Union, stated, “Midwest Members Credit Union Board of Directors and staff are excited for the great opportunities this partnership will bring and look forward to continuing to make financial dreams a reality for members. Our partnership will allow for added member value from the same familiar faces and locations you have come to trust.”
Processors-Industrial Credit Union is a non-for-profit community based financial institution founded in 1938 to service the needs of their membership in the Granite City area. The credit union has assets totaling $14.26 million and is a full-service financial institution which provides services to around 2,000 members.
Steve Selby, President and CEO of Processors-Industrial Credit Union, stated, “We look forward to uniting with Midwest Members Credit Union and the merging of our two credit unions is a great benefit for our members! Midwest Members Credit Union offers more products and services that will benefit our membership and will also expand our footprint to give our members more branches to do their banking for better
convenience. We look forward to continuing the tradition of excellent member service as we unite as one credit union.”
The merger between the two credit unions will bring many advantages to members of both credit unions, with Midwest Members Credit Union keeping the previous Processors-Industrial CU branch open, to continue to serve the members of both credit unions within the Granite City and surrounding markets. This merger will give Midwest Members Credit Union its 3rd location along with its other branch locations in Wood River and Maryville, IL.
Midwest Members Credit Union was founded in January of 1935, as Shell Wood River Federal Credit Union, to serve the Shell Refinery employees and their families with low cost financial services. Since that time, we have changed our name and moved to a community charter which allowed us to open our charter to serve 10 counties around the Metro East.
The founding members of our credit union had the vision to invest in the financial future of the communities we serve. We are proud of that history and look forward to honoring that vision by serving more of our neighbors. MMCU invites you to share in that vision as we embark on this new journey together!