Great River Federal Credit Union Seeks Member Approval for Merger with Illinois-Based Credit Union 1

(KNSI) – Great River Federal Credit Union is proposing merging into a new company and is seeking customer approval to do it.

St. Cloud-based GRFCU has struck a deal to unite with Credit Union 1, headquartered in Lombard, Illinois, a suburb of Chicago. A letter was sent to its account holders asking them to approve the merger during a meeting at 1:00 p.m. on June 30th. Ballots were sent to account holders this week. The plan must be approved by a majority of members who cast a vote. The GRFCU’s board is asking members to approve the merger.

If voters agree, CU1 will send information by mail explaining the conversion process and how it will affect memberships. At this time, no changes will be made to accounts.

If approved, the deal would be finalized on September 30th, and GRFCU’s nine branches would become Credit Union 1 locations. They are in St. Cloud, Sauk Rapids, Waite Park, Sartell, Foley, Sauk Centre, Big Lake, Minot, North Dakota and Niles, Michigan. They would join CU1’s 26 locations in Illinois, Indiana, Nevada, Georgia, Florida, and Wisconsin.

According to financial statements, CU1 reports a net value of $1.75 billion, and GRFCU has $342 million. The deal also calls for GRFCU CEO/President Brant Hicks to receive a one-time $250,000 retention bonus and will be employed for five years post-merger.

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