FRANKLIN PARK, IL, USA, June 10, 2021 /EINPresswire.com/ — Partnership Financial Credit Union (PFCU) and Leyden Credit Union (LCU) have announced that the two financial institutions merged on June 1, 2021.
The combined credit unions will operate under the Partnership Financial Credit Union’s name and will serve almost 16,000 members with over $350 million in assets. The merger has received the needed regulatory approvals as well as approval of both organization’s members, officials said in a statement.
Unlike traditional banks, credit unions are nonprofit financial institutions that are owned by their account holders, or “members.” As a nonprofit, credit unions return their profits back to their members in the form of generally better rates and lower and fewer fees.
PFCU CEO Mary Ann Pusateri will continue in her role, while LCU CEO David Lukas will serve as Interim President of PFCU. With Leyden Credit Union joining the Partnership team, the credit union will now employ 56 people in 6 offices in the Chicagoland suburbs.
Both Pusateri and Lukas believe the new venture will provide the best in financial services to benefit its members. “The partnership of our two strong, healthy credit unions will provide us with the scale we need, to innovate and to dedicate resources to deliver exceptional member experiences, both in-person and digitally,” Pusateri said.
“We are very excited by the support from our members. We believe that our two successful Credit Unions would be stronger together. It is about continuing to provide our members with the latest in technology and help them to reach their financial goals. Our members have a fantastic future ahead of them,” Lukas said in a statement.
Partnership Financial Credit Union (PFCU) is a member-owned financial institution that is open to the community with offices in Barrington, Des Plaines, Evanston, Franklin Park, Glenview and Morton Grove. PFCU was established in 2014 when four Chicago-area credit unions joined together, whose origins date back to the 1950’s. PFCU remains dedicated to maintaining close, amiable relationships with members while delivering the best possible products and services. Along with CEO Mary Ann Pusateri’s long tenure of over 32 years, PFCU has many team members with 20 plus years of service with the credit union. Learn more about PFCU at www.mypfcu.org.