Credit Union 1 (Illinois)

Credit Union 1
Credit Union
Industry Financial Services
Founded 1958 (1958) (Chanute Military Credit Union)
1949 (1949) (Paysaver Credit Union)
1965 (1965) (Cumorah Credit Union)
Headquarters Rantoul, Illinois, United States
Area served
 Illinois; Indiana; Nevada
Products Savings; checking; consumer loans; mortgages; credit cards; investments
Total assets $789.4M USD
Number of employees
 376
Website creditunion1.org

Credit Union 1 is a credit union based in Rantoul, Illinois. Its service area spans the Chicago metropolitan area, the northern and central regions of Illinois, the Indianapolis metropolitan area, and the Las Vegas metropolitan area.[1] CU1 serves 87,000 members throughout Illinois and Indiana,[2] and roughly 15,000 members in Nevada.[1]

Credit Union 1 is not federally insured, but insures its share deposits to $250,000 per account through American Share Insurance.[3]

History

Credit Union 1 was established as Chanute Military Credit Union in 1958. The original base of membership was personnel and dependents of Chanute Air Force Base. After plans to close Chanute AFB, the credit union sought out ways to expand its membership base.[2] Chanute MCU changed its name to Credit Union 1 in 1982. Fort Sheridan Credit Union was merged into Credit Union 1, extending the credit union's field of membership to the military reserve and National Guard units in Illinois.

The next expansion Credit Union 1 experienced was changing the field of membership from “occupational” to “associational”. This meant Credit Union 1’s field of membership was no longer restricted to its military affiliation. Since then, Credit Union 1 has continued to encompass more “select employee groups” (SEGs) through mergers and enrollment. The primary SEGs include all State of Illinois employees, all Cook County employees, students and faculty of University of Illinois at Chicago, students and faculty of Eastern Illinois University, Navistar, Tribune Companies, AON Corporation, Elmhurst Memorial Hospital employees, and a number of other companies and organizations.

In 1999, Credit Union 1 merged with Paysaver Credit Union of Lombard, Illinois.[2] Paysaver Credit Union was chartered in 1949 with International Harvester as its original sponsor. Primary SEGs for Paysaver included: Navistar, Tribune Companies, AON Corporation, Elmhurst Memorial Hospital, and Cook County, Illinois employees.

In 2009, Credit Union 1 merged with the Las Vegas-based Cumorah Credit Union. Cumorah, which was founded in 1965, served Nevada members of The Church of Jesus Christ of Latter-day Saints.[1]

References

  1. 1 2 3 Lucht, Nicole. The Las Vegas Sun 23 Oct. 2009.
  2. 1 2 3 "Membership". Rantoul, Illinois: Credit Union 1. Retrieved 2009-12-13.
  3. ↑ Dodson, Don. Credit Union 1 happy with private insurance. The News-Gazette. 19 Oct. 2008.
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