Credit Union 1 (Illinois)

Credit Union 1

Type	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	$717M USD
Employees	312
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.^{[citation needed]}

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). The primary SEGs include the University of Illinois at Chicago, Mitsubishi Motor Manufacturing of America, Eastern Illinois University, and all State of Illinois employees.^{[citation needed]}

In the summer of 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. Since then, Paysaver had merged with other credit unions and provided credit union service to many SEGs to broaden their base. Primary SEGs for Paysaver included: Navistar, Tribune Companies, AON Corporation, Elmhurst Memorial Hospital, and Cook County, Illinois employees.^{[citation needed]}

In 2009, Credit Union 1 acquired the assets and deposits of 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. ^ ^{a b c} Lucht, Nicole. [1] The Las Vegas Sun 23 Oct. 2009.
2. ^ ^{a b c} "Membership". Rantoul, Illinois: Credit Union 1. http://www.creditunion1.org/membership.html. Retrieved 2009-12-13. 
3. ^ Dodson, Don. Credit Union 1 happy with private insurance. The News-Gazette. 19 Oct. 2008.

External links

• Credit Union 1 Official website