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EACU General Info FAQs
Why is EACU pursuing a merger with Credit Union 1?
As part of our due diligence, local credit unions were considered as a merger partner, but EACU felt CU1 provided the best fit for our members and staff due to their similar products, rates, culture, and the overall strength of CU1.
Who is Credit Union 1?
Credit Union 1 has more than sixty years of experience helping families and communities reach their economic potential. And we have our eye on the next sixty years, as we continue to evolve and innovate to find new ways to offer our members high-quality, low-cost financial products and services and a modern banking experience.
CU1 was founded in 1958 with an original base membership of personnel from Chanute Air Force Base in Rantoul, Illinois. We have since grown into a billion-dollar-plus financial institution, but our priorities remain the same—helping families and communities succeed financially.
To learn more about what drives us and our commitment to diversity and inclusion, visit our About Us page.
What is the merger process and timeline?
Our regulators, the National Credit Union Administration (NCUA) and Illinois Department of Financial and Professional Regulation (IDFPR), have both approved our merger plans. With member support of the merger through the voting process, our first legal day as a combined organization will be December 31, 2022.
At this time—and after the legal merger date—no changes will be made to your accounts or the methods you use to access your accounts. At the end of business on December 31,2022, a conversion and consolidation of EACU’s and CU1’s core processing systems will take place. Prior to that date, Credit Union 1 will send you detailed information by mail explaining the conversion process and how this will affect your membership and access to your accounts.
How will EACU members benefit from this merger?
EACU’s field of membership will be incorporated with Credit Union 1’s field of membership after the legal merger date of December 31, 2022.
At this time, no changes will be made to your accounts or the methods you use to access your accounts. At the end of business on December 31, 2022, a conversion and consolidation of EACU’s and CU1’s core processing systems will take place. Prior to that date, Credit Union 1 will send you detailed information by mail explaining the conversion process and how this will affect your membership and access to your accounts.