By Kevin Haas
Rock River Current
Get our mobile app
LOVES PARK — Rockford Bell Credit Union plans to pursue a merger later this year with Consumers Credit Union, which is headquartered in Lake Forest and one of the largest credit unions in the state.
The merger is subject to regulatory and member approvals. The two credit unions announced the plans Wednesday afternoon in a news release.
More news: Rockford City Council decides against reducing dog limit
The companies would operate under the Consumers Credit Union name. It would remain the fifth largest credit union in Illinois with roughly $4 billion in assets, 25 branches and 260,000 members after the merger.
John Hansen, president and CEO of Rockford Bell Credit Union, said in a news release that the merger was a win for both credit unions.
“The board of directors and I are very excited about what this merger will bring,” he said. “Additional services and products to Rockford Bell Credit Union’s members and enhanced employee benefits for the staff.”
The merger has been approved by the board of directors of both credit unions. It will require approval from the Illinois Department of Financial and Professional Regulation and the National Credit Union Administration.
Rockford Bell Credit Union will also hold a vote of its members later this year, since the credit union would operate under Consumers Credit Union’s existing charter and name after the merger.
“We’re thrilled to welcome the members and employees of RBCU to Consumers Credit Union,” Sean Rathjen, CEO of Consumers Credit Union, said in a news release. “We look forward to providing RBCU members with even greater convenience and a broader range of banking products and services, while offering new opportunities for employees.”
Rockford Bell Credit Union has more than 4,300 members serving Winnebago, Boone, Ogle, Stephenson, Jo Davies, Carroll, Whiteside and Lee counties and more than 35 different employee groups. It has roughly $40 million in assets with branches at 4225 N. Perryville Road in Loves Park and 4 E. Main St. in Mt. Morris.
Consumers Credit Union was founded in 1930 and has $3.5 billion in assets.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas