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550 W Meadows Dr
Freeport, IL 61032-7610

Cornerstone Credit Union is headquartered in Freeport and is the 46th largest credit union in the state of Illinois. It is also the 1,463rd largest credit union in the nation. It was established in 1939 and as of March of 2014, it had grown to 40 employees and 13,940 members. Cornerstone Credit Union has a A health rating.

Field of Membership Restrictions

If you live or work in Boone, Bureau, Carroll, JoDaviess, Lee, Ogle, Stephenson, Whiteside, or Winnebago counties in Illinois, or Green or Rock counties in Wisconsin, or are employed by one of the many companies that Cornerstone Credit Union serves, chances are you, too, can join. - See Details

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Reviews (1)

Small Town Charm And Small Town Incompetence

The Cornerstone Credit Union is the credit union that most of the employers in Freeport, IL use.  It has some good points, but in large, my experiences were not great.  What I did like about this credit union was that it was located at the incoming edge of town.  That is, whether you're coming in from most areas via Business 20, such as Rockford or Chicago or coming in from the "back roads" of Wisconsin, such as from Monroe, the location is easily accessible and does not require a trip through the depressing town of Freeport.  You can get in and get out easily without having to drive past the shuttered up businesses, etc.  The building is quite clean and modern. I was impressed by this.  I was amused by the two-way closed circuit "tellervisons".  It seemed ironic to me that a small town like this, wouldn't keep the small town "feel".  I had done most by banking here for a number of years and was puzzled by the fact that they didn't know my name or who I was. I ended up showing identification nearly every time I was there.  At other banks and credit unions where I do business, someone would know who I was and greeted me by my first name every time.  I always that this was a great personal touch.  This in a town of nearly 200,000 vs. a town of about one-tenth that size.  This small town credit union just didn't have that friendly small town vibe.   It did have semi-competitive interest rates.  I did procure a loan from them once, but later learned I could have gotten over 0.50% better at another credit union in a nearby town.  They do have Saturday morning hours, which is good if you live in Freeport.  There were two experiences that I had which would make me rate this place as "less than mediocre".  In once case, I had made an appointment, and advised that I would be travelling from out of town nearly an hour away.  They cancelled on me for some BS reason after I had arrived.  They had the audacity to ask if I wanted to reschedule. I closed my accounts on this day.  Prior to this, they had made a significant error with one of my accounts.  To make a long story short, I ended up paying penalties I should not have had to pay, and at one point I was reported to a collection agency on THEIR error.  Credit unions are generally, in my opinion, better at taking care of their customers than standard banks.   It literally took me hours to get this issue fixed. I know someone that worked there and she had told me that I was labelled a "trouble maker" and she had details of my business there including details of one of my transactions.  I was irritated that personal business waspublic domain. Of course, my protests went no where.  Dealing with these people was a headache.  I have no idea what it was, because I am pretty laid back and easy going, and have never had experiences like this.  I'd advise to use another credit union (or bank) if you have options.  Cornerstone is a nuisance, in a  pretty building, in a dying town.


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Cornerstone Credit Union had $790,000 in non-current loans and owned real-estate with $12.04 million in equity and loan loss allowances on hand to cover it. This gives Cornerstone Credit Union a Texas Ratio of 6.56% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Cornerstone Credit Union experienced no significant changes from 6.57% as of March 31, 2013 to 6.56% as of March 31, 2014, resulting in a positive change of 0.10%.This indicates that the balance sheet and financial strength for Cornerstone Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, Cornerstone Credit Union has decreased its total deposits by $-163,000, resulting in -0.17% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Cornerstone Credit Union has shown is average.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Cornerstone Credit Union has $106.34 million in assets with $12.04 million in equity, resulting in a capitalization level of 11.32%, which is excellent.

Institution Statistics

NCUA #60189
Year Chartered1939
Primary Regulator
Assets and Liabilities
Assets$106.34 million
Loans$69.59 million
Deposits$94.46 million
Equity Capital$11.17 million
Loan Loss Allowance$865,000
Unbacked Noncurrent Loans$790,000
Real Estate Owned$0
Historic Data - March 2013
Assets$106.56 million
Equity Capital$10.84 million
Loan Loss Allowance$665,000
Unbacked Noncurrent Loans$790,000
Real Estate Owned$3,000
Profit Margin - Quarterly
Return on Assets0.9%
Return on Equity8.56%
Interest Income$1.01 million

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Cornerstone Credit Union Savings Account Rates

0.10%$250-Primary Savings
0.10%$100-Youth Savings
0.10%$250-Holiday Club
0.10%$250-Business Savings

Cornerstone Credit Union Money Market Rates

0.20%$75k-IRA Money Market
0.20%$75k-Insured Money Market
0.20%$75k-Roth IRA Money Market
0.20%$75k-Business Money Market

Cornerstone Credit Union Checking Account Rates

0.35%$20k-Premium Business Checking
0.20%$5k-Premier Business Checking
0.10%$20k-Checking Plus

Cornerstone Credit Union CD Rates

1.30%$20k-60 Month CD
1.30%$20k-Business 60 Month CD
1.00%$20k-48 Month CD
1.00%$20k-Business 48 Month CD
0.75%$20k-36 Month CD
0.75%$20k-Business 36 Month CD
0.55%$20k-30 Month CD
0.55%$20k-Business 30 Month CD
0.50%$20k-24 Month CD
0.50%$20k-Business 24 Month CD
0.40%$20k-18 Month CD
0.40%$20k-Business 18 Month CD
0.35%$20k-12 Month CD
0.35%$20k-Business 12 Month CD
0.25%$100k-180 Day CD
0.25%$100k-Business 180 Day CD
0.10%$1k-90 Day CD
0.10%$1k-Business 90 Day CD

Cornerstone Credit Union IRA Rates

1.30%$20k-60 Month IRA
1.00%$20k-48 Month IRA
0.75%$20k-36 Month IRA
0.55%$20k-30 Month IRA
0.50%$20k-24 Month IRA
0.40%$20k-18 Month IRA
0.35%$20k-12 Month IRA
0.25%$100k-180 Day IRA
0.10%$1k-90 Day IRA

Cornerstone Credit Union Locations
Branch Office550 W Meadows DrFreeport, IL 61032-7610
Branch Office615 W 3rd StSterling, IL 61081
Branch Office542 Clark StSouth Beloit, IL 61080