5 star ratingAverage User Rating:
5 star rating based on 1 review.

Great Lakes Credit Union

Great Lakes Credit Union Locations
2525 Green Bay Rd
North Chicago, IL 60064
(847)578-7000
www.glcu.org

NCUA


Great Lakes Credit Union is headquartered in North Chicago and is the 13st largest credit union in the state of Illinois. It is also the 401st largest credit union in the nation. It was established in 1938 and as of December of 2012, it had grown to 129 employees and 41,035 members. Great Lakes Credit Union has a 4-star health rating.

Related Posts

Update on Great Lakes Credit Union's Reward Checking Account - 3/8/2013

I first reviewed Great Lakes Credit Union (GLCU) and its reward checking account (called Ultimate Checking) in 2011. The rate has remained the same, but the balance cap has gone down. Nevertheless, it ...

Great Lakes Credit Union Will Drop Their Limit... (Forum) - 4/17/2012

Ultimate Checking: from (4%, $15K, $250DD) to (4%, $10K, $500 DD) on 1 May 2012; information from Curtisekarr from FWF.

Requirement For No Monthly Fee For Reward Checking Account (Forum) - 11/8/2011

Deposit Account mentions the following requirement: To avoid a $5 monthly fee, members will have to make a minimum of 5 signature-based debit card purchases a month and maintain the $250 direct deposit. That is incorrect. Credit Union's web site men

Reward Checking with a Twist at Great Lakes Credit Union in IL - Local Only - 11/2/2011

Great Lakes Credit Union has an interesting high-yield reward checking account called Ultimate Checking. It offers a nice rate, but unlike the vast majority of reward checking accounts, there's a pote ...

2008

2007




See Rates for: Checking | Savings | Money Market | CD | IRA

Great Lakes Credit Union Checking Account Rates

ApyMinMaxProduct
4.00%-$10kUltimate Checking

Great Lakes Credit Union Savings Account Rates

ApyMinMaxProduct
0.10%--Santa Saver
0.10%--Kirby Kids Savings
0.10%--On Your Way Savings
0.05%$100-Share Savings
0.05%$1k-Business Savings
0.05%$100-Health Savings Account
0.05%$100-IRA Share Savings
0.05%$100-Roth IRA Share Savings
0.05%$100-CESA Share Savings

Great Lakes Credit Union Money Market Rates

ApyMinMaxProduct
0.20%$50k-Money Market
0.20%$50k-Business Money Market
0.20%$50k-IRA Money Market
0.20%$50k-Roth IRA Money Market
0.20%$50k-CESA Money Market

Great Lakes Credit Union CD Rates

ApyMinMaxProduct
1.15%$1k-5 Year President's Club Share Certificate
1.05%$1k-5 Year Share Certificate
0.50%$1k-3 Year President's Club Share Certificate
0.40%$1k-3 Year Share Certificate
0.40%$1k-2 Year President's Club Share Certificate
0.30%$1k-2 Year Share Certificate
0.30%$1k-1 Year President's Club Share Certificate
0.20%$200-Right Start Share Certificate
0.20%$1k-1 Year Share Certificate

Great Lakes Credit Union IRA Rates

ApyMinMaxProduct
1.05%$1k-5 Year IRA Certificate
1.05%$1k-5 Year Roth IRA Certificate
1.05%$1k-5 Year CESA Certificate
0.40%$1k-3 Year IRA Certificate
0.40%$1k-3 Year Roth IRA Certificate
0.40%$1k-3 Year CESA Certificate
0.30%$1k-2 Year IRA Certificate
0.30%$1k-2 Year Roth IRA Certificate
0.30%$1k-2 Year CESA Certificate
0.20%$1k-1 Year IRA Certificate
0.20%$1k-1 Year Roth IRA Certificate
0.20%$1k-1 Year CESA Certificate

Rates updated: 5/22/2013

Data for Q4 2012


Institution Statistics


GREAT LAKES
NCUA #60238
BankRate ReportView
Year Chartered1938
Employees129
Primary Regulator

Assets and Liabilities

Assets$523.63 million
Loans$336.68 million
Deposits$445.99 million
Equity Capital$56.88 million
Loan Loss Allowance$6.40 million
Unbacked Noncurrent Loans$7.74 million
Real Estate Owned$1.15 million

Historic Data - December 2011

Assets$543.94 million
Equity Capital$57.54 million
Loan Loss Allowance$6.48 million
Unbacked Noncurrent Loans$9.11 million
Real Estate Owned$1.62 million

Profit Margin - Quarterly

Net Interest Margin5.19%
Return on Assets0.07%
Return on Equity0.66%
Interest Income$20.36 million
Non-Interest Income$7.15 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2012 Great Lakes Credit Union had $8.89 million in non-current loans and owned real-estate with $63.28 million in equity and loan loss allowances on hand to cover it. This gives Great Lakes Credit Union a Texas Ratio of 14.04% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Great Lakes Credit Union decreased slightly from 16.76% as of December 31, 2011 to 14.04% as of December 31, 2012, resulting in a positive change of 16.18%.This indicates that the balance sheet and financial strength for Great Lakes Credit Union has improved slightly in recent periods.
Deposit Growth3
In the past year, Great Lakes Credit Union has decreased its total deposits by -$2.71 million, resulting in -0.6% 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 Great Lakes Credit Union has shown is average.
Capitalization5
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. Great Lakes Credit Union has $523.62 million in assets with $63.28 million in equity, resulting in a capitalization level of 12.08%, which is excellent.
Write Review

Smooth And Quick Process To Open An Account
5 stars - 767 - Monday, May 13, 2013 - 3:00 PM

Have been very satisfied with the quick and easy application process. New account information, debit card and even blank checks were received in a timely manner. Even received a personal thank you card for opening the account. Easy to set up ACH transfers. Status of interest requirements is clearly displayed after logging in. Just hope they keep the rate up.

4