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2 Illinois credit unions merging


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2 Illinois credit unions merging

Plainfield,Ill.-based Oak Trust Credit Union($46.5 million) is merging with and into Warrenville, Ill.-based ($116.7 million).

The proposedmerger has obtained the approval of Oak Trust CU members, and preliminary regulatoryapproval from the NCUA and the Illinois Department of Financial and ProfessionalRegulation, according to an April 29 news release.

Operationalintegration is expected to be completed by June 30, and the combined organizationwill operate under the NorthStar name.

NorthStar CUPresident and CEO Lloyd Fredendall will become CEO, while Oak Trust CU Presidentand CEO James Dean will become president of the combined organization, which willhave five locations throughout Chicagoland.

According tothe release, NorthStar CU has more than 9,600 members, while Oak Trust CU has morethan 5,000 members.