REGULATING AGENCY: Illinois Department of Financial & Professional Regulation; Division of Financial Institutions
- Secretary Mario Treto, Jr.
- Francisco Menchaca, Director, Division of Financial Institutions
- Website: idfpr.com/dfi.asp
- Latest News
LEAGUE: Illinois Credit Union League
PRIVATE SHARE INSURANCE: YES
STATS: (As of October 2021)
Total Number of Credit Unions: 222
- TOTAL # SCUs: 171
- TOTAL # FCUs: 51
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 77%
Total Assets: $63,722,309,019
- TOTAL $ SCU ASSETS: $55,363,044,161
- TOTAL $ FCU ASSETS: $8,359,264,858
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 87%
Total Members: 3,643,459
- TOTAL Members SCUs: 3,340,526
- TOTAL Members FCUs: 302,933
- SCU % OF TOTAL (SCUS/STATE TOAL): 92%
FUN FACT: In 1887, engineers began to reverse the flow of the Chicago River to stop pollution from contaminating the city’s water supply. The reversal was complete in 1900.
Judge Rules Letter of Intent for Credit Union Merger Is Not a Binding Contract
Ruling does not end the legal dispute between Vibrant CU and Infinity FCU
Courtesy of Peter Strozniak, CU Times
March 21, 2022 — An Illinois federal judge ruled that a letter of intent for a proposed credit union merger is not a binding contract, but that did not end the legal dispute between the $1 billion Vibrant Credit Union in Moline, Ill., and the $336 million Infinity Federal Credit Union in Westbrook, Maine.
After the credit unions signed the letter of intent in 2018, they began negotiating a definitive agreement that Vibrant said would encompass certain terms, including a “cost clause” in which Vibrant agreed to cover the costs and expenses of the merger unless it did not take place or was cancelled. But the credit unions agreed to share the cost if the merger did not happen.
However, by September 2019, Elizabeth Hayes, Infinity’s president/CEO, wrote a letter to Matt McCombs, president/CEO of Vibrant, to terminate negotiations for a definitive agreement because of Infinity’s inability to reach an agreement with Vibrant on key aspects of the merger.
er Lending Operations at BCU, said. “They’re quite impressive and bring ideas to the table that provide a whole new perspective that we can’t get anywhere else. That’s invaluable because soon, they and their generation will be our members.”
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