The early 1940s
Our membership began when Commonwealth Edison established separate credit unions for each of its departments in the early 1940s. In theory, the idea worked, but in practice, it was a different story. When the company dissolved its credit unions, a handful of employees took it upon themselves to keep the idea of a financial cooperative alive. Their innovations paid off. Not only did they receive $5,000 and some office space and equipment from ComEd, they also gained approval from the Department of Financial Institutions to incorporate a credit union.
In 1944 we were born as Edison Credit Union
On February 7, 1944, Edison Credit Union was born. By the end of that year, we served 1,169 Commonwealth Edison employees and had more than $88,000 in assets.
The next 5 decades of growth
- With the 1950s came the convenience of conducting business by phone and mail.
- In the 1960s, we commemorated our silver anniversary, and slow and steady growth continued.
- The 1970s were a turning point as an innovative new convenience for ComEd employees was added: payroll deduction. Membership soared, and throughout the next two decades, we were able to leverage economies of scale by offering more products and services more cost effectively than ever.
- In the 1980s, we began offering our members the financial freedom of Visa® Credit Cards, IRAs, ATM cards, and home equity loans.
- In 1992, we rolled out online banking to our members to a rousing success. Also in the 1990s, we acquired a number of smaller credit unions, gaining new members as well as nearly $34 million in assets.
1996
Opened our downtown branch at 230 West Monroe.
In 1999 we became First Northern Credit Union
1999 proved to be a watershed year for us, as we made a strategic decision that would change the world of Edison Credit Union forever: we requested a community charter. The Department of Financial Institutions granted our request, enabling us to serve consumers who lived or worked in a seven-county area in northern Illinois.
And so, a new corporate identity was born. On July 1, 1999, Edison Credit Union became First Northern Credit Union. With the new name came a renewed spirit.
1999
Headed up by a strong leadership, we opened our doors to consumers in the greater Rockford area, ultimately establishing two full-service branches — one at 104 North Show Place Drive in Rockford, and the other in Freeport, IL (now closed).
2000
We began serving one of our key employer group partners — the employees of Northwestern Medicine.
2003
Northwestern University Credit Union, founded in the 1930s, became a part of First Northern, allowing us the opportunity to serve faculty, staff, students and alumni of Northwestern University and Northwestern Medicine. To do so, we opened a branch location in the basement of the Rebecca Crown Center on the campus of Northwestern University in Evanston.
Also in 2003 we began offering mortgage products to our vast membership, bringing the dream of home ownership to many.
2006
After being housed in the basement of the Rebecca Crown Center on the campus of Northwestern University since 2003, we moved to a new and more spacious street level site at 726 Clark Street. This move allowed the credit union to be more accessible and convenient to the University's students, faculty and staff.
2010
We relocated our Streeterville location from our branch on Erie Street and opened our current Streeterville branch at 541 North Fairbanks, on the campus of Northwestern Medicine.
2013
We relocated our Northwestern University location on Clark Street and opened our current off-campus Evanston branch at 1705 Sherman Avenue, just around the corner from Northwestern University.
2017
We expanded our field of membership allowing us to serve Cook County North of I-55 and Lake County, Illinois.
2019
With mortgage demand growing, we expanded our mortgage operations and opened our Mortgage Service Center in Rockford at 6832 Stalter Drive.
Today
We hold more than $357 million in assets — and we’re growing every day! We proudly serve the needs of those who live or work throughout northern Illinois and provide exceptional customer service and financial products to more than 22,000 member-owners.
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Help Us Lead the Way
If you’re looking for a fulfilling career with an industry-leading company that is leading the way in serving the community, look no further!
First Northern Credit Union serves 14 counties across northern Illinois as one of the largest, healthiest, and most progressive credit unions in the state. Because we’re owned and operated by our members, we work for them, not stockholders. In turn, we deliver our employees competitive salary, generous benefits, growth opportunities, and a career that gives back.
We know that by serving our employees well, we can serve our members well. We offer perks and benefits including health, dental, a 401(k) plan, paid time off, paid holidays, and growth potential. If you are ready to advance your career while working with an incredible team, send your resume and cover letter to HRCareers@fncu.org or view our open positions.
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