Credit Union 1 (Illinois)
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 approximately 89,000 members throughout Illinois, Indiana and Nevada.
| Type | Credit Union |
|---|---|
| Industry | Financial Services |
| Founded | 1958 (Chanute Military Credit Union) 1949 (Paysaver Credit Union) 1965 (Cumorah Credit Union) |
| Headquarters | Rantoul, Illinois, United States |
Area served | Illinois; Indiana; Nevada |
| Products | Mortgages; Credit Cards; Auto Loans; Personal Loans; RV & Boat Loans; Checking Accounts; Digital Banking; High Yield Savings and additional Savings products; investment & insurance; Business Banking; Merchant Services |
| Total assets | $1.035B USD |
Number of employees | 300 |
| Website | creditunion1.org |
By members’ choice, this institution is not federally insured. Accounts insured up to $250,000 per account by American Share Insurance (ASI).
History
Credit Union 1 was established as Chanute Military Credit Union in 1958. The original field of membership was personnel and dependents of Chanute Air Force Base. In 1978 it was announced that Chanute Air Force Base was a candidate for closure. After the decision was made in March of 1979 to retain Chanute Air Force Base as a viable military technical training center, plans were developed to insulate the credit union from actions of this type in the future. As a result, the credit union made concentrated efforts in 1979 to further develop another segment of potential members, and a merger took place with Fort Sheridan Federal Credit Union. This merger expanded Credit Union 1’s field of membership to the Military Reserve and National Guard Units in Illinois. The next expansion CU1 experienced was changing the field of membership from “occupational” to “associational”. This meant CU1’s field of membership was no longer restricted to military affiliation.
Since then, Credit Union 1 has continued to grow and progress through mergers and acquisitions, as well as growing “Select Employee Groups” (SEGs). CU1 is highly regarded in the credit union community and has been a solid merger partner for several credit unions, consolidating to make a more dynamic credit union. The progression also added diversity and opportunity in new markets.
The primary SEGs include all State of Illinois employees, all Cook County employees, students and faculty of University of Illinois at Chicago , UI Health, students and faculty of Eastern Illinois University, Navistar, Tribune Companies, AON Corporation, Elmhurst Memorial Hospital employees, Alzheimer’s Association, Hyatt Hotels and a number of other companies and organizations.