Two Illinois credit unions plan $6.5 billion merger.
Consumers Credit Union and Scott Credit Union say the combination would create a 424,000-member institution with more money to spend on technology, lending and community programs.
Two Illinois credit unions are planning to merge, creating a member-owned financial institution with approximately $6.46 billion in assets and more than 424,000 members, as the organizations look to build scale across the markets they serve.
Consumers Credit Union, based in Lake Forest, and Scott Credit Union, headquartered in Edwardsville, announced their intent to combine Thursday. The legal merger is expected to take effect June 1, 2027, subject to regulatory approval and approval by Scott Credit Union members.
The boards of both credit unions have unanimously approved the deal. Until the proposed merger date, the institutions will continue to operate independently, and members will continue using their accounts, loans, cards, branches and digital banking services as they do now.
The combination would bring together two sizable Illinois cooperatives with overlapping ambitions around technology, lending and community investment. Consumers Credit Union has $4.6 billion in assets and more than 290,000 members, while Scott Credit Union has approximately $1.84 billion in assets and more than 131,000 members across 23 locations.
Consumers Credit Union earned $17.4 million in the first six months of 2026, up from $13.3 million a year earlier. Scott Credit Union earned $10.5 million, compared with $5.1 million in the same period of 2025, according to NCUA call report data.
Sean Rathjen, chief executive of Consumers Credit Union, said the merger would allow the combined institution to invest more heavily in technology while preserving a personal approach to serving members.
“Together, we can invest more in technology and expand our capabilities,” Rathjen said. “We can also strengthen our communities while continuing to deliver the personalized service our members expect.”
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Rathjen also pointed to Scott Credit Union’s military heritage as an important part of the proposed combination. He said supporting military members, veterans, military families and first responders would remain a priority.
Scott Credit Union serves communities across the St. Louis metropolitan area, including Southern Illinois and Missouri, as well as Chicago. Consumers Credit Union describes itself as the fifth-largest credit union in Illinois by assets and says it operates the state’s largest network of credit union branches.
Frank Padak, Scott Credit Union’s president and chief executive, said the institutions share a focus on putting members first.
“By combining our strengths, we can create more opportunities for members, employees, and the communities we serve while remaining focused on the cooperative principles that define us,” Padak said.
The proposed merger is expected to expand branch and service access while increasing lending capacity and resources for digital services and technology, the credit unions said. They also cited additional opportunities for financial education, scholarships, workforce development and community engagement.
The deal would also give the combined institution greater financial scale as it competes for members across a broad regional footprint.
Lawrence Haffner, chairman of the Scott Credit Union board, said directors considered the effect of the decision on members, employees and communities before approving the deal.
“This proposed merger builds on the trusted legacy of both credit unions and creates greater opportunities to deliver meaningful member value while expanding our community impact,” Haffner said.
Consumers Credit Union board chairman Scott Drabicki said the board also viewed the merger as a long-term decision.
“Bringing together these two successful organizations will strengthen our ability to serve members and invest in innovation,” Drabicki said. “It will also help us remain competitive for generations to come.”
If completed, the transaction would create a credit union with a substantially larger balance sheet and membership base than either institution has today, while combining two organizations with established positions in Illinois and neighboring markets.
The deal still faces regulatory review and member approval before it can close. Until then, the two credit unions will remain separate institutions, even as they begin planning for what they describe as a shared future.
“This proposed merger builds on the trusted legacy of both credit unions and creates greater opportunities to deliver meaningful member value while expanding our community impact.”
Lawrence Haffner
Chairman
Scott Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
