Chicago Municipal Employees Credit Union

What Chicago Municipal Employees Credit Union does

Chicago Municipal Employees Credit Union (CMECU) was a not-for-profit, member-owned financial cooperative established in 1926 in Chicago, Illinois, serving City of Chicago municipal employees and City Colleges of Chicago employees through a network of branch locations and digital banking channels. Its product platform encompassed personal banking (checking, savings, money market, certificates, IRAs), consumer lending (personal, vehicle, home equity, credit cards, student loans), insurance products (auto, homeowners, life, AD&D), and ancillary services including mortgages and financial counseling. Member acquisition and retention centered on employer payroll deduction partnerships, which provided a captive distribution channel for direct deposit and loan repayment.

CMECU's underlying technology stack consisted of a digital banking platform offering online and mobile banking, electronic bill pay, Zelle person-to-person payments, Safety Net overdraft protection, and ACH processing, with member-facing integrations to PaymentVision for loan payments and Visa for card products. All deposits were federally insured through the NCUA Share Insurance Fund up to $250,000 per depositor. Revenue was generated through net interest income on consumer lending, deposit account fees and service charges, and digital banking services; the institution operated on a subscription and transaction-fee model typical of small credit unions.

Due to declining net worth, CMECU merged into Great Lakes Credit Union (GLCU) effective November 1, 2025, with member accounts transitioning to GLCU accounts, new Visa Debit Cards issued, and the digital banking platform migrated to GLCU's online and mobile system. CMECU's net worth was retained in full, and GLCU preserved the CMECU legacy through partnership operations. The combined organization serves over 100,000 members across 22 Chicagoland branches with approximately $1.6 billion in combined assets. CMECU members gained immediate post-merger access to expanded GLCU products including Health Savings Accounts, Credit Builder Loans, Business Banking Solutions, the Money Mammals youth program, and the GLCU Foundation's HUD-approved financial and housing counseling programs.

Name

Chicago Municipal Employees Credit Union

Legal name

Chicago Municipal Employees Credit Union

Website

https://cmecuonline.org

Company type

Private

Founded year

1926

Operating status

Acquired

Headcount range

11–50 employees

Short description

Chicago Municipal Employees Credit Union was a not-for-profit, member-owned financial cooperative founded in 1926 that provided banking, lending, and financial services to City of Chicago and City Colleges of Chicago employees via payroll deduction, merging into Great Lakes Credit Union effective November 1, 2025.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130), Credit Card Issuing (522210)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro industry

PRIMARYFSABAEAK

Public Sector & Municipal Credit Unions

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

Keywords

• Credit union banking
• Consumer lending
• Deposit accounts
• Mortgage services
• Member-owned cooperative

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Credit union revenue generated from interest on consumer loans including personal loans, vehicle loans, home equity lines, credit cards, and student loans. Fixed-rate loan terms remain unchanged post-merger.
2. Deposit Account Fees and Service Charges: Service charges and fees associated with deposit accounts including checking and savings accounts. Fees reviewed during systems integration with 30 days prior notice required for any changes.
3. Digital Banking Services: Revenue from digital banking services including online and mobile banking, bill payment processing, and person-to-person payment services such as Zelle.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Chicago Municipal Employees Credit Union (CMECU) was a not-for-profit, member-owned financial cooperative established in 1926 that provided retail banking, consumer lending, mortgages, credit cards, insurance, and investment services to Chicago municipal employees and their families through branches and digital channels. Effective November 1, 2025, CMECU merged into Great Lakes Credit Union (GLCU), with all accounts transitioned to GLCU and members gaining access to GLCU's 22-branch Chicagoland network and full product suite.

Product overview

Chicago Municipal Employees Credit Union (CMECU) merged into Great Lakes Credit Union (GLCU) as of November 1, 2025. The combined organization offers a comprehensive suite of personal and business banking products organized as a platform of integrated services. Core personal banking includes checking and savings accounts, digital banking suite, money market accounts, certificates, IRAs, and special accounts. Lending products encompass personal loans, vehicle loans, home equity, credit cards, student loans, mortgages, and business lending. Insurance offerings include auto, homeowners, life, and accidental death & dismemberment coverage. Business banking includes cash management, deposit products, payments processing, and Visa Business Credit Cards. Additional services include investment products (Easy Vest, Financial Advisory Center), Health Savings Accounts, Credit Builder Loans, and Financial & Housing Counseling through the GLCU Foundation. CMECU members gained immediate access to Money Mammals, Credit Builder Loans, HSAs, and Business Banking Solutions upon conversion to GLCU.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts
• Savings Accounts
• Money Market Accounts
• Certificates
• IRAs
• Health Savings Accounts (HSAs)
• Special Accounts
• Personal Loans
• Vehicle Loans
• Home Equity
• Credit Cards
• Student Loans
• Mortgages Powered by Mortgage Forward
• Credit Builder Loans
• Easy Vest
• GLCU Financial Advisory Center
• Auto & Homeowners Insurance
• Life Insurance
• Accidental Death & Dismemberment Insurance
• Small Business Lending
• Cash Management
• Business Deposit Products
• Payments Processing Solution
• Visa Business Credit Cards
• Business Banking Solutions
• Digital Banking Suite
• Financial & Housing Counseling

Quantifiable outcome

• Preserved CMECU net worth retained in full in the merger with GLCU
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature1 record

Partnerships

One partnership is on record.

• Great Lakes Credit Union (GLCU)flagshipStrategic or Co-development Partner · 1 November 2025CMECU merged into Great Lakes Credit Union as of November 1, 2025. Due to CMECU's declining net worth position, the decision was made to merge with GLCU to position for sustainable growth. CMECU's net worth is retained in full, and GLCU operates in partnership to preserve CMECU's nearly 100-year legacy. The combined organization serves over 100,000 members with approximately $1.6 billion in assets and 22 branches across Chicagoland.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ChicagoUnion

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chicago Municipal Employees Credit Union