February 19, 2004

Credit Union merger expands products, services

The Northwestern University Employees’ Credit Union (NUECU) has merged with First Northern Credit Union (FNCU).

The merger, recommended by the NUECU board of directors, was approved by a large majority of NUECU members who voted on the change in December.

A wide range of products and services is now available to employees who are or would like to become members of the credit union, according to Michael Jones, who served as chair of NUECU prior to the transition.

The credit union office in the basement of Rebecca Crown Center will continue to be staffed by Luz Montoya. James Smith, who has transferred from First Northern’s main branch, has joined Montoya.

Credit union manager Judy Scheer, who has served in that position since 1990, will retire Feb. 29 after a 25-year career in credit union management.

First Northern also has a non-cash facility at 259 E. Erie near the Chicago campus. Its main Chicago branch is at 230 W. Monroe in Chicago’s Loop.

Jones, a technical support consultant in administration and planning, said First Northern offers employees more products and services. Services include checking accounts, money market accounts, VISA check (debit) cards, VISA Platinum credit cards, free account access online (at www.fncu.org) and at more than 17,000 ATMs nationwide, home equity loans and mortgages.

First Northern was established in 1944 as the company credit union for Commonwealth Edison employees, with 1,169 members and more than $88,000 in assets. Today it has more than 30,000 members in 10 Illinois counties — including employees of Northwestern Memorial Hospital. It now has $235 million in assets.

NUECU was established in 1935, and its membership had grown to 1,300 employees of Northwestern University, Seabury-Western Theological Seminary, Garrett Evangelical Theological Seminary, the Evanston Postal Facility and family members of those employees. It had $3 million in assets at the time of the merger.