We want to bring our members the best value from their credit union and provide the necessary products and services to be your primary financial institution. Credit Union 1 operates the technology and systems that align with our members’ needs. CU1’s internal core values bring the leadership team and board of directors confidence our membership will experience a much-needed upgrade in the quality of service that we are unable to provide in this current economic climate. We believe a synergy exists between the two credit unions and this partnership will benefit all involved.
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Change is a part of growth and becoming better, and Credit Union 1 has continued to evolve and grow since they were founded in 1958 with an original base of membership of personnel from Chanute Air Force Base in Rantoul, Illinois. Since then CU1 has grown tremendously into a Billion dollar plus financial institution, but its core values remain the same. Be Great, Be Engaged, Be Open, and Be Nice. These core values drive their mission statement “To be THE financial institution that drives family and community success.
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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, we anticipate that our first legal day as a combined organization will be June 1, 2022.
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Yes! A special meeting of the members of SourceONE Credit Union was held on April 12, 2022 to consider and act upon a proposal to merge SourceONE CU with Credit Union 1. We are happy to share that SourceONE CU membership unanimously approved the vote to merge.
The merger will be effective June 1, 2022
As a result of the merger, a conversion of records is required which will take place at the end of business day on May 31, 2022.
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A merger will provide the resources to better serve your financial needs through well-developed industry-leading technology, new products and services, and highly competitive rates. We want to be your first choice as your primary financial institution. Nothing will change until June 1, 2022. This partnership will mean we can better anticipate and meet all your financial needs.
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Your accounts will continue to be federally insured just as they are today through the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the U.S. Government and managed by the National Credit Union Administration (NCUA).
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The reason our two credit unions pursued this merger is to better serve SourceONE CU members. Credit Union 1 strives to provide premium service and you will continue to receive personalized service as you do today.
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SourceONE Credit Union’s field of membership will be incorporated with Credit Union 1’s field of membership after the merger effective date May 31, 2022.
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It has been proposed to close the branch on LaSalle Street upon the merger effective date May 31, 2022. Credit Union 1 has 8 branches in the Chicagoland area, and in addition to all CU1’s branches, members will also have access to their robust digital banking platform, along with access to the CO-OP shared branch network and CO-OP surcharge-free ATM network.
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You can continue to use SourceONE Credit Union’s branch. We cannot begin integrating the operations of the two credit unions until after the merger effective date of May 31, 2022. SourceONE CU members will be notified as soon as the additional branches are connected.
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Credit Union 1 ATMs are available for anyone to use; however, we cannot begin integrating the operations of the two credit unions until after the merger effective date of May 31, 2022, so you may incur a fee until that time. As of June 1, 2022, you will have access to all Credit Union 1 ATMs at no charge along with more than 30,000 CO-OP surcharge-free ATMs nationwide.
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Your account number will remain the same for the time being. It will change after the merger effective date of May 31, 2022, when the two operations are integrated and your account is migrated to Credit Union 1’s system.
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SourceONE Credit Union will retain our current routing number for the time being. After the proposed merger effective date of May 31, 2022 and the conversion of systems occurs, you will then use your Credit Union 1 account number and routing number for automatic debits or credits.
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You will continue to use SourceONE Credit Union’s online/mobile banking until the merger effective date May 31, 2022. As of June 1, 2022, you will then use Credit Union 1’s digital banking platform which has a consistent look and feel across devices. Banking anytime anywhere has never been simpler.
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You will continue to use SourceONE Credit Union debit card until the merger effective date May 31, 2022. SourceONE CU members will be issued a Credit Union 1 Visa® Debit Card to use once the conversion of systems occurs.
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You will continue to use SourceONE Credit Union account information until the merger effective date May 31, 2022. Once the conversion of systems occurs, you will need to notify each business of your new Credit Union 1 account number and Credit Union 1’s routing and transit number.
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Until the merger effective date May 31, 2022, none of your account terms will change. Whether or not they will change after the merger effective date depends on the type of account.
Loans | Your existing loan contract will remain in effect until the loan is paid off.
Share Certificates | The terms of your existing share certificate will remain in effect until the maturity date.
Savings & Checking | Rates and terms on these accounts are subject to change at the time of the merger date. A Welcome Packet was mailed to SourceONE CU members on April 18, 2022 including a copy of CU1’s Membership Agreement and Account Disclosures along with additional disclosures effective as of June 1, 2022.
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A copy of the Welcome Packet is available online at creditunion1.org/source-one/.
We are here to answer your questions! Don’t hesitate to contact SourceONE Credit Union at [email protected] or 312.922.0495.
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We are here to answer your questions! Don’t hesitate to contact SourceONE Credit Union at [email protected] or 312.922.0495.
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