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NuMark Credit Union Collaborative Merger with NorthStar Credit Union

Enriching the financial lives of our members is the mission that we live every day. We are your single source for all things financial and our focus is to provide the best financial services that help our NuMark Family and those in our communities do more with their money. The Board of Directors and Leadership Team of NuMark Credit Union are excited to announce that our NuMark Credit Union family is growing with our intent to merge with NorthStar Credit Union and become one family.

Rest assured. This would not be a buy-out or acquisition, but rather a collaborative merger between two financially-strong credit unions committed to their members. As a combined organization, we have the opportunity to implement best practices from both credit unions, take advantage of economies of scale, and enrich the financial lives of more members. Our joint assets would be approximately $500 million and would provide twice as many branch locations in the communities we serve. Additionally, this merger would significantly increase our efficiency allowing us to give back more to our members and the community.

NuMark and NorthStar, both ranked in the Top 200 Credit Unions in America for their excellent financial health by DepositAccounts.com, share similar values, philosophies and commitments to the communities they serve, and both believe passionately in helping  members achieve their financial dreams. Together, we would be able to continue to provide the best-in-class financial services that will enhance the financial lives of our larger NuMark Family.

Merger FAQs

As the merger process continues the credit union will keep members informed of progress including sharing important notices, dates and events. If you have any questions that aren’t addressed in the frequently asked questions below, please email ask@numarkcu.org or contact us by phone at 815-729-3211.

Merger FAQs

An exciting benefit of this partnership for our members would be the added convenience of five branch locations in the greater Chicagoland area. Additionally, the merged organization will have more resources, allowing the credit union to offer more competitive rates and services, and an expanded ability to invest in new products and services for our members.

Overall the combined assets of the merged organization would be $500 Million. With 10 branches throughout the Chicagoland area giving the combined organization a strong physical presence to serve the combined membership.  Additionally, the combined organization will have enhanced capabilities to deliver a superior digital experience.

While nothing will change right now, once we receive regulatory approval, and subsequent to that, the merger is approved by NorthStar Credit Union’s membership this partnership will mean we can better anticipate and meet your financial needs moving forward.

A larger deposit and capital base means expenses are spread over a bigger membership base, which:

  • Significantly decreases future expense structure
  • Increases operating efficiencies
  • Reduces the risk associated with challenging economic or rate environments

These economies of scale provide additional resources to better serve members, make infrastructure and technology investments, and become even more competitive in the markets we serve.

A partnership between NuMark and NorthStar will create a better credit union for all of our members. By combining our two organizations we can provide better member service, offer expanded products and delivery systems, and create an even stronger balance sheet to more effectively compete in a financial services industry that is constantly evolving.

This exciting collaborative partnership means that NuMark Credit Union and NorthStar Credit Union are moving forward with a merger. This merger is NOT a buy-out or acquisition but rather this is a collaborative merger between two healthy credit unions which means we have the opportunity to implement best practices from both organizations in order to realize economies of scale and maximize positive member impact. Our combined assets would be $500 million and would give us a strong physical presence in the communities we serve. Additionally, this merger would open the door for us to significantly increase our efficiency, allowing even higher levels of member and community giveback.

NorthStar Credit Union is based in Warrenville, Illinois. With 5 branch locations plus an onsite location in the Naperville BP employee campus and more than 15,000 members the Credit Union has been a great performer in the Credit Union Industry.  NorthStar Credit Union is a community-based organization, with deep local roots, and employs approximately 46 people.

Both organizations wanted to find a partner that is financially strong, focuses on their members, shares a similar employee culture, and works to better the communities they serve. NuMark and NorthStar share a dedication to our employees, members and communities and share a common vision for the future.

No employees at NuMark Credit Union or NorthStar Credit Union would lose their job as a result of the merger. In fact, this merger would provide additional benefits and new opportunities for employees of both credit unions.

Lloyd Fredendall would be named the CEO of the combined organization as of the legal merger effective date, and Ann Dubie would retain the title President until her retirement on or before December 31, 2020. At that point Lloyd Fredendall would become the President/CEO of the organization.

Lloyd has been the CEO of NorthStar since 1991. Prior to joining NorthStar he served as the Assistant and the Acting Supervisor of the State of Illinois Department of Financial Institutions – Credit Union Division. Lloyd fundamentally believes the most important asset any credit union has is its staff. When a team isn’t highly engaged and satisfied it’s impossible to provide members the unparalleled service and commitment they deserve. When asked about his leadership style, Lloyd will tell you collaboration and autonomy are critical. Lloyd believes in his team’s ability to act as leaders overseeing their departments, and views himself as a resource for his team if they need him.

Yes. Both organizations are committed to providing high levels of service for members and this would continue to be a focus for the combined organization.

In the short term, members of both credit unions would experience no impact to their accounts or account numbers. We would work to ensure a seamless integration, so you could conduct business as you always have, without any effect on your accounts. We would need to eventually convert members from one credit union to the other’s operating system, but this would not occur until sometime in early 2021. We would provide additional information about that process once the merger is approved by NorthStar’s membership.

The rates on fixed rate loans and certificate of deposits (CDs) would remain the same until the end of their existing terms. As always, any CD renewals or new loans would be subject to current rates which are determined by several factors including the interest rate environment at the time of a new loan or investment.

Yes.Member savings would be federally insured to at least $250,000 by the National Credit Union Administration.

At this time there are no plans for any branch closures. In fact,this merger would provide the resources to enhance our branch and digital member experience in the future.

Once legally combined,NuMark Credit Union would be the name of the combined credit union. The existing branches of NorthStar would be designated as a “NorthStar Branch, a member of the NuMark Network,” or other similar designation.

After several months of due diligence, we’ve received approval from our regulators the National Credit Union Administration (NCUA) and Illinois’ Department of Financial and Professional Regulation (IDFPR). Within the next couple weeks NorthStar members will be receiving a special meeting notification and voting instructions to vote on the proposed merger with NuMark Credit Union. Upon a NorthStar Credit Union positive vote outcome,we anticipate finalizing the merger by November1, 2020, with our systems fully integrated some time in 2021.

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