How Mission And Momentum Have Revolutionized GLCU

Seven years ago, Great Lakes Credit Union ($1.5B, Bannockburn, IL) embarked on a transformative journey to reconnect with the credit union mission that sparked its founding in 1938. Leaders knew if the credit union could “enable members to live life on their terms,” growth would follow.

Today, putting people before profit isn’t just a belief — it’s a strategy that delivers real results.

GLCU has received numerous awards, including for its workplace culture and community impact. From 2019 to 2024, the Chicagoland credit union grew from $886 million in assets to $1.4 billion. During that time, its year-over-year membership growth jumped from slightly less than 5.0% to nearly 30.0%; as of year-end, the credit union’s membership exceeded 100,000. All this despite a worldwide pandemic and the rise of fintech competition that has changed the face of banking.

Pat Price, GLCU’s board chair, says the credit union continuously meets challenges head-on and comes out stronger for it.

“Our member survey results have gone up, staff engagement has increased, and the industry is paying attention to us,” she says. “We were once an ‘also-ran,’ but now we’re leaders in this mission. People are watching what we’re doing.”

New CEO, New Vision

The financial services landscape looks a lot different today than it did seven years ago. But when Steven Bugg took the helm in 2018, he promised industry changes would not weaken the credit union’s resolve to put members first. Indeed, it was his unwavering commitment that helped Bugg land the role.

“When I joined the organization seven years ago, the board was seeking a new direction,” the CEO says. “My predecessor had successfully expanded the credit union, but the board wanted a leader who could deepen community engagement.”

According to Barbara Castleton, vice president of executive administration, the credit union started communicating with Bugg even before he joined, sharing ideas and knowledge and bringing him up to speed. Castleton joined the GLCU team in 2014 and has worked closely with Bugg since he came on board.

“I just knew we were going to reach new heights under his leadership,” Castleton says. “It is a very different leadership style. I love the energy, the motivation.”
Bugg’s first order of business was to redefine GLCU’s strategic direction.

“When I arrived, the credit union had nearly 300 strategic initiatives, which made it difficult to focus,” Bugg says.

GLCU has culled down that list to five Standards of Greatness that extend beyond traditional product and service metrics and provide a framework to focus day-to-day work. Those focal points are especially important in an organization with more than 250 employees who sometimes have very different responsibilities.

“It’s crazy busy,” Castleton says. “But it’s an organized crazy, so we love that.”

The Standards of Greatness also help GLCU ensure leaders make decisions that consistently align with the credit union’s mission.

“Traditionally, when you set out a strategy or strategic plan in a business, you have either a financial or a growth metric you’re trying to achieve,” says Michael Abraham, chief strategy officer. “We have those, but we also want our employee base to complete 4,000 volunteer hours. A social impact lens drives the strategy so much differently than just making sure we make money next year or grow a certain percentage.”

A Meaningful Merger

Just a few months after Bugg took office, GLCU merged with North Side Community Federal Credit Union, an institution that served underbanked residents in the Chicago area.

“That one action set a whole series of things in motion that led us to this point,” Price says Pat Price, the GLCU board chair.

Although North Side Community was a smaller institution, the single-branch cooperative that served more than 3,000 members had a national reputation for serving those of low-to-modest means and operated a grant-funded, HUD-certified counseling pilot program started by what is now Inclusiv.

“At the time, it was the National Federation of Community Development Credit Unions,” says Sarah Marshall, the former CEO of North Side Community who now serves on GLCU’s board of directors and as a supervisory committee member. “It incubated the program but ultimately decided not to continue it. My credit union was one of the few legacy credit unions that maintained the HUD counseling certification.”

When North Side Community considered merger candidates, Marshall says she was determined to ensure the housing program continued.

“A number of credit unions didn’t understand it or weren’t excited about it,” she says. “Great Lakes was eager to take on the program and scale it, which was a big win.”

The merger also brought to GLCU a foundation North Side Community started several years earlier to support other types of funding. Today, GLCU is one of only five credit unions with a HUD-certified counseling program, and it helped prevent $4 million in home foreclosures last year through the GLCU Foundation for Financial Empowerment.

“It has its own staff and is really developing as its own entity,” Marshall says of the blossoming foundation committed to positive change through financial empowerment.

Ultimately, Marshall says GLCU approached the merger as a partnership, one that allowed North Side Community to scale programs and take authority within the new organization.

“Even though it was the surviving institution, it positioned our staff well, treated us with respect,” she says.

An Agency Of Choice

The merger between GLCU and North Side Community took effect Aug. 1, 2019. Less than a year later, COVID-19 disrupted everything — including financial services. But according to Price, GLCU was quick to take action.

“Leaders tested our continuity plan and got ahead of things instead of waiting and scrambling to react,” the board chair says. “They were very proactive in doing everything necessary to keep our members and staff safe while keeping the business running.”

The pandemic gave GLCU the opportunity to enhance its role as a housing counseling agency, facilitating rental and mortgage assistance with government funds.

“We were not a direct funder to the end user,” Bugg explains. “Instead, we worked with the city and state to distribute assistance and ensure people got the help they needed.”​

The credit union itself received government funding to cover temporary staffing to expand its call center, the salaries and benefits of its HUD counselors, and program marketing costs. Even before it could officially offer assistance to the public, GLCU’s website recorded more than 30,000 visits for grant applications, such was the need in Northern Illinois.

“We were chosen as an agency to help those in Cook County and Chicago who were going to get evicted from their homes,” Bugg said.

In its role, GLCU served as a third party working in collaboration with the borrower and lender, who could opt against foreclosure if a homeowner developed a sustainable budget and made on-time payments. It’s a role the credit union continues to fulfill today.

Although the pandemic disrupted financial services, it also pushed GLCU in a positive direction. The credit union has enhanced virtual services to improve accessibility — a shift that remains a part of its long-term strategy — and has developed a reputation as a go-to agency in Chicago and beyond.

No Slowing Down

In 2025, the Great Lakes team is full steam ahead.

“We’re never just working on what we’re currently working on,” says Castleton, the executive administrator. “We’re always thinking about what’s coming next.”

As head of strategy, Abraham says his top priorities include continuing to identify M&A opportunities that align with GLCU’s goals. Most recently, the credit union purchased a Vibrant Credit Union ($1.1B, Moline, IL) branch located in Danville, IL, a rural area with similar financial challenges as Chicago. In addition to gaining $68 million in assets and approximately 6,586 new members, this expansion will allow GLCU to extend its community giveback programs into Central Illinois and Western Indiana.

Additionally, Great Lakes will continue to find ways to manage interest rate challenges.

“The rising rate environment is catching up with a lot of financial institutions,” Abraham says. “We need to ensure sustainable earnings while keeping our rates competitive for members.”

Both Abraham and Bugg emphasize the need for credit unions to do a better job of communicating their value.

“We need to differentiate ourselves from banks by showcasing the tangible benefits we provide to underserved communities,” Bugg says. “The credit union industry must stay focused on advocacy, especially regarding regulatory changes and potential threats to our tax-exempt status.”