HealthCare Associates Credit Union (HACU) and Baxter Credit Union (BCU), both based in the Chicago suburbs, just announced plans to combine their operations in what could be a win-win for healthcare workers across the country.
The numbers tell an interesting story. HACU, headquartered in Lisle with $479.4 million in assets, will be merging with the considerably larger BCU out of Vernon Hills, which manages a hefty $6.5 billion. Together, they’re bringing more than 90 years of combined experience serving the healthcare community—from doctors and nurses to the countless other professionals who keep our medical system running.
What’s Actually Happening Here?
Both credit unions started with the same core mission: supporting healthcare workers and their families with solid financial services. Now they’re making it official, pending the usual regulatory approvals and member votes. Think of it as combining local expertise with national reach, since BCU already serves members across the United States and Puerto Rico.
The boards of both institutions have given this merger their unanimous blessing, and they’re moving forward with regulatory applications. Once those are approved, HACU members will get their say through a vote on the proposal.
Why This Makes Sense
Jim Block, BCU’s Executive Vice President and Chief Operating Officer (who’s stepping into the President role), put it simply: “Both organizations were founded to serve those in the healthcare community, and that shared purpose is still at the center of everything we do. Together, we will build on that foundation to create even more value for our members and new opportunities for our employees, while preserving the care and personal service people count on.”
Joe Kregul, HACU’s President and CEO, emphasized the cultural fit: “For us, this is about honoring who we are while strengthening what comes next. We see a natural alignment in values, culture, and commitment to members.”
Jack Gilbert, who chairs HACU’s Board of Directors, added that the partnership lets them “expand on HACU’s already strong foundation, enhancing our capabilities while staying true to the relationships and local identity that matter so much to our members.”
What’s in a Name?
Here’s a detail that matters: HACU isn’t disappearing. The merged entity will operate as HealthCare Associates Credit Union, powered by BCU. It’s what’s called an endorsed brand—basically, they’re keeping the HACU legacy alive while plugging into BCU’s larger infrastructure and resources.
Mike Valentine, BCU’s President and CEO, sees this as more than just a business move: “Bringing these two organizations together is especially meaningful to me because of how closely aligned we are in our mission and mindset. We share a deep respect for the people we serve and for the employees who support them each day as financial first responders.”
What Members Can Expect
So what does this actually mean for HACU members? A few tangible improvements:
- Access to a significantly larger network of branches and ATMs
- Round-the-clock bilingual customer support
- Upgraded digital banking tools and platforms
- Expanded financial wellness resources and education
- The same personalized service they’re used to, just with more options backing it up
The goal, according to both organizations, is making everyday banking easier while also helping members tackle those bigger financial decisions—buying a home, planning for retirement, or navigating unexpected expenses—with more confidence and support.
If you’re a member of either credit union and want to keep tabs on how this unfolds, both organizations are posting updates. Because when two institutions managing nearly $7 billion in combined assets decide to team up, it’s probably worth paying attention to the details.
Related:
After 42 Years at the Helm, BCU’s Michael Valentine Passes the Torch (And He’s Got Grandkids to Spoil)
How Baxter Credit Union Ditched the “Can You Describe What You’re Seeing?” Support Call Forever