Consumers Credit Union and Scott Credit Union plan merger

Consumers Credit Union and Scott Credit Union said they intend to combine, creating a credit union with about $6.46 billion in assets and more than 424,000 members. The deal, expected to close June 1, 2027, would expand branch access, digital investment and community support if regulators and SCU members approve it.

Why it matters: - The planned combination would create a larger member-owned credit union with more scale to invest in technology, lending and service expansion. - The merged organization would have about $6.46 billion in assets and serve more than 424,000 members, giving both credit unions a bigger footprint in Illinois and the St. Louis region. - Members are expected to keep access to accounts, loans, cards, digital banking and branches during the process.

What happened: - Consumers Credit Union and Scott Credit Union announced an intent to combine their organizations on Oct. 1, 2026. - The legal merger is anticipated to become effective June 1, 2027, pending regulatory approval and Scott Credit Union member approval. - The boards of directors at both credit unions unanimously approved moving forward with the proposed merger. - Both credit unions will continue operating separately in day-to-day business until the merger date. - Members do not need to take any immediate action.

The details: - Based on the latest available financial information, Consumers Credit Union has $4.6 billion in assets and more than 290,000 members. - Scott Credit Union has about $1.84 billion in assets and more than 131,000 members. - Consumers Credit Union is headquartered in Lake Forest, Illinois, and was founded in 1930. - Scott Credit Union is headquartered in Edwardsville, Illinois, and was founded in 1943. - Scott Credit Union serves members through 23 locations across the St. Louis metropolitan area, Southern Illinois, Missouri and Chicago. - Consumers Credit Union is the state's fifth-largest credit union by assets and says it has the largest network of Illinois branches. - The combined organization is expected to offer expanded branch and service access, enhanced lending capabilities and greater investment in digital services and technology. - The merger is also expected to provide additional resources for community support, philanthropy, financial education, scholarships, workforce development and community engagement initiatives. - Additional information, FAQs and updates will be available at the Consumers-SCU merger page and Scott Credit Union's merger page.

Between the lines: - The credit unions are framing the deal as a scale play, with more resources to compete in digital banking while keeping a cooperative model. - Leaders from both organizations tied the merger to long-term sustainability, community impact and continued member service. - Consumers Credit Union also highlighted Scott Credit Union's military heritage and said support for military members, veterans, military families and first responders will remain part of the combined mission. - Transparency during the approval process is being emphasized as both organizations work toward the expected closing.

What's next: - The merger still needs regulatory approval and approval from Scott Credit Union members. - Consumers Credit Union and Scott Credit Union plan to keep communicating with members, employees and communities as the approval process continues. - The two credit unions said they will provide advance notice of any future changes.