NuMark Credit Union and Pioneer State Bank Logos
Joliet, Illinois – In a move to expand its services and community reach, NuMark Credit Union officially merged with Pioneer State Bank on April 1, 2023. This strategic partnership significantly boosts NuMark Credit Union’s assets to over $750 million, enabling them to serve more than 60,000 members across thirteen branch locations throughout Northern Illinois. The merger integrates the strengths of both institutions, promising enhanced financial solutions for their expanded member base.
Lloyd M. Fredendall, President & CEO of NuMark Credit Union, expressed enthusiasm about the merger, stating, “We are excited to welcome Pioneer State Bank customers to NuMark Credit Union. We believe our comprehensive suite of financial products and services will greatly benefit our new members, offering them more ways to manage and grow their money.” He further emphasized NuMark’s robust financial health and scalable operations, which allow for superior member service. “From competitive mortgages, vehicle loans, personal and business financing, to accessible checking accounts, high-yield CDs, and specialized business services, NuMark provides valuable financial tools for everyone,” Fredendall added.
Credit unions, in general, are known for prioritizing member financial well-being by offering more favorable loan terms, better deposit rates, and reduced fees compared to traditional banks. This member-centric approach is a cornerstone of NuMark Credit Union’s philosophy. Recently, NuMark Credit Union’s commitment to its members was formally recognized with a Certificate of Excellence from the Credit Union National Association (CUNA). CUNA’s analysis highlighted that NuMark Credit Union delivered an impressive $7,225,434 in direct financial advantages to its 56,334 members in the year ending September 2022. This translates to approximately $269 in benefits for each member household, demonstrating the tangible value of credit union membership. The integration of Pioneer State Bank further enhances this value proposition for the community.
The teams at NuMark are diligently working to integrate the new member accounts onto their primary operating system. This crucial conversion is anticipated to be finalized later in the summer. Upon completion, all members will gain access to additional branch locations previously associated with Pioneer State Bank in Earlville, Paw Paw, and Sublette, Illinois. This expanded network provides increased convenience and accessibility for all members.
As a federally insured institution by the NCUA, NuMark Credit Union assures the safety and security of member deposits. All accounts are insured up to at least $250,000 by the National Credit Union Administration, backed by the full faith and credit of the United States Government.
NuMark Credit Union operates as a not-for-profit financial cooperative, dedicated to serving individuals who live or work in Northern Illinois and Northwest Indiana. With nearly 70 years of service, NuMark Credit Union offers a wide range of financial solutions, including auto loans, mortgages, checking accounts, and business services. For additional information, please contact (815) 729-3211 or visit numarkcu.org.
