CU1 heads to Minnesota with Great River merger
Credit Union 1 currently has 22 branches across seven states, but Minnesota is not one of them. That’s about to change.
Credit Union 1 in Chicago plans to expand its reach into Minnesota through a merger with Great River Federal Credit Union in Saint Cloud.
The deal would also push the $1.9 billion-asset CU1 over the $2 billion mark while adding 21,000 members.
The next step in the process is a vote by Great River FCU members at a special meeting to be held June 30. The proposed merger date is Sept. 30, 2025.
The National Credit Union Administration and Illinois Department of Financial and Professional Regulation have both already approved the merger plans.
“Our merger with CU1 will provide additional financial products for our members to aid in their financial journeys,” said Great River CEO Brant Hicks in a post on the company’s website.
The $344 million-asset Great River said all of its branches will remain open post-merger, including its Minnesota branches in Big Lake, Foley, Sartell, Sauk Centre, Sauk Rapids, St. Cloud, Waite Park, as well as the branches in Minot, North Dakota, and Niles, Michigan.
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Credit Union 1 has 22 branches in Illinois, Indiana, Nevada, Georgia, Florida, Michigan, and Wisconsin.
The NCUA approved 35 mergers during the first quarter of 2025 compared to 26 a year earlier, according to the agency’s Merger Activity and Insurance Report that was released recently.
Credit unions between $1 billion and $10 billion of assets — including Credit Union 1 — reported loan growth of 5% during 2024. Membership also rose 5%, and net worth increased 9% for those credit unions.
Conversely, credit unions between $100 million and $500 million of assets — including Great River – saw a 3.3% decrease in total loans outstanding over the year. Membership declined 3.7%, while net worth rose 2.2%.
CU1 has 123,000 members and earned roughly $1.2 million in the first quarter of 2025, a 39% decrease compared to a year earlier, according to call report data from the NCUA.
Great River lost $4,900 in the first quarter after reporting losses of more than $2 million in 2024.
“The merger will provide needed technology upgrades and access to more locations nationwide, while maintaining our local branches and team members.”
– Brant Hicks
CEO
Great River FCU
