Question 1

What is Cooperative Choice Network Credit Union?

Accepted Answer

Cooperative Choice Network Credit Union (CCNCU) is a state-chartered network credit union headquartered in Peoria, Illinois. With approximately $199 million in assets and serving over 12,500 members, CCNCU operates as Illinois's first network credit union model, established in October 2017.

The credit union maintains multiple divisions that preserve the unique identities of merged credit unions while providing consolidated products and services. CCNCU specializes in serving employees of healthcare systems, utility cooperatives, educational institutions, and federal government agencies throughout central Illinois.

Question 2

When was Cooperative Choice Network Credit Union founded?

Accepted Answer

Cooperative Choice Network Credit Union was officially formed on October 1, 2017, through the merger of Members Choice Credit Union and Illinois Electric Cooperatives Federal Credit Union (IECFCU). However, its roots extend much deeper into Illinois financial history.

The oldest component, CILCO Credit Union, was chartered in 1935 to serve CILCO utility company employees and their families. Healthcare Family Credit Union began in 1955 as St. Francis Hospital Employees Credit Union. These two organizations merged in February 2000 to create Members Choice Credit Union.

Illinois Electric Cooperatives Federal Credit Union was incorporated in March 1970 by Thomas H. Moore, AIEC General Manager, to provide financial services to Illinois Electric and Telephone Cooperative employees. The 2017 merger created the network credit union model, allowing additional credit unions to join while maintaining their individual identities as divisions of CCNCU.

Question 3

Where is Cooperative Choice Network Credit Union headquartered?

Accepted Answer

Cooperative Choice Network Credit Union is headquartered at 3927 N University Street in Peoria, Illinois. The main office serves as the administrative hub for all CCNCU divisions and operations throughout central Illinois.

Question 4

Where does Cooperative Choice Network Credit Union operate?

Accepted Answer

CCNCU operates primarily throughout central Illinois, serving members in Peoria, Tazewell, Woodford, and surrounding counties. The credit union maintains multiple divisions with offices strategically located to serve distinct membership groups:

MCCU Division - Serves the Peoria area with locations in Peoria and Springfield, focusing on healthcare and utility employees.

IEC Division - Provides services to electric and telephone cooperative employees across Illinois.

PMCU Division - Parish Members Credit Union serves members of several Catholic parishes including St. Mary's of Metamora, St. Elizabeth of Washburn, St. Luke's of Eureka, St. Joseph of Roanoke, and St. Mary's of Lourdes.

IRSECU Division - Serves federal government employees in the Springfield area.

TCSECU Division - Tazewell County School Employees Credit Union, which joined the network in November 2024, serves public school employees in Tazewell and Peoria counties.

Each division maintains dedicated contact numbers to serve their specific membership communities while benefiting from the consolidated resources of the network structure.

Question 5

What services does Cooperative Choice Network Credit Union offer?

Accepted Answer

CCNCU provides comprehensive financial services designed to meet diverse member needs:

Deposit Accounts - Share savings accounts, checking accounts, money market accounts, and certificates of deposit with competitive dividend rates.

Consumer Lending - Auto loans with rates starting at 3.99% APR, personal loans, credit cards, and recreational vehicle financing. The credit union maintains partnerships with over 45 dealerships throughout central Illinois for convenient indirect lending.

Real Estate Lending - First mortgages, home equity loans, and home equity lines of credit with no closing costs and flexible payment options.

Digital Banking Services - Full-featured mobile banking app available on iOS and Android platforms, online banking with bill pay capabilities, mobile check deposit, and digital wallet integration for debit and credit cards. The CCNCU CardNav app allows members to control card usage and spending in real-time.

Additional Services - Debit cards with EMV chip technology, credit cards, direct deposit, automated transfers, and loan payment protection programs.

Question 6

What makes Cooperative Choice Network Credit Union unique?

Accepted Answer

CCNCU's defining characteristic is its innovative network credit union structure, making it the first of its kind in Illinois. This model allows smaller credit unions to join the network while maintaining their individual identities as separate divisions, preserving community connections while gaining economies of scale.

The credit union emphasizes member benefits through competitive rates, offering higher dividends on deposits and lower rates on loans compared to traditional financial institutions. With a net worth ratio of 12.9% and "Well Capitalized" status under NCUA regulations, CCNCU demonstrates strong financial stability.

Community engagement is central to CCNCU's mission. The credit union actively supports numerous charitable organizations including Children's Miracle Network, OSF Healthcare's Cancer Institute, Easter Seals, Toys for Tots, St. Jude, and Komen's Race for the Cure.

The indirect lending program partners with 45 dealerships across central Illinois, allowing members to secure credit union financing directly at participating car dealerships. This convenience factor sets CCNCU apart in the regional market.

Question 7

What type of financial institution is Cooperative Choice Network Credit Union?

Accepted Answer

Cooperative Choice Network Credit Union is a state-chartered natural person credit union regulated by the National Credit Union Administration (NCUA) and operating under Illinois state law. As a state credit union, CCNCU follows state regulations while maintaining federal insurance through the NCUA.

The credit union operates on cooperative principles of "people helping people," where members are also owners. Each member has equal voting rights regardless of account balance. The Board of Directors is elected by the membership and serves without compensation.

Membership eligibility is selective, requiring employment by or family connection to specific employer groups. These include OSF Healthcare Systems and its subsidiaries, Ameren Illinois, Association of Illinois Electric and Telephone Cooperatives, federal government employees in specific agencies, parish members of designated Catholic churches, and employees of public schools in Peoria and Tazewell counties.

Family membership extends to spouses, parents, siblings, children, grandparents, aunts, uncles, nieces, and nephews of existing members. New members must open an account with a minimum deposit of $6 and provide valid government-issued photo identification along with proof of employment or family eligibility.

The network structure allows CCNCU to operate with approximately 24 full-time and 4 part-time employees, serving a potential membership base of 15,000 individuals across all eligible groups.

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