HACU and BCU Merger

HACU is financially strong and sound. This merger is not the result of distress or underperformance. BCU approached HACU because of the strength of what HACU has built - a strong healthcare focus, loyal members, and a talented team. This decision is about long‑term stability, growth, and protecting the mission, people, and value HACU has created. The combined organization’s scale allows for higher deposit rates and lower fee reliance, which translates to putting millions of dollars back into members pockets every year. The merger enables continued investment in enterprise-grade technology, infrastructure, and cybersecurity which strengthens our resilience, protects members’ information, and supports a scalable, future-ready banking experience. The strategic rationale for the merger is fully understood, firmly grounded in the promise of bringing two healthcare focused organizations together, and supported by me and our Board.

What we know: 

The target date to complete the merger is December 31, 2026. This follows due diligence, regulatory review and approval, and a favorable HACU member vote. To ensure the cleanest cutover to the BCU HRIS platform, HACU employee payroll and benefits will cutover by year-end. Most of the decisions and steps involved in the merger will be handled by Senior Leadership and the merger Steering Committee (made up of employees from HACU and BCU). 

What’s still being finalized: 

The next significant step in combining our organizations is due diligence and obtaining regulatory approval. I am very optimistic about both. Merger milestones are currently fluid and being tightened as we bring each of our teams together to learn more about our organizations and speak to the regulatory institutions. A broad timeline and introduction to our joint steering committee will be shared with all employees very soon. 

What we know: 

The HACU name will absolutely remain in use. As our recent research indicated, Healthcare Associates Credit Union is a strong brand that was just given a modern new makeover and a refreshed narrative to help our members – those we know, and those we haven’t met yet, “bank healthy”. Baxter Credit Union, known by most as BCU, is also a very strong brand that serves very reputable healthcare and insurance companies, and like us, several hospital systems and Associations. Not only were our Credit Union’s formed at about the same time in 1979 and 1981 respectively, but our shared healthcare focus is a significant part of what makes this merger make sense. Once we merge with BCU, our endorsed brand will be Healthcare Associates Credit Union, powered by BCU. The HACU name, brand, and local identity will be preserved. 

What’s still being finalized: 

The commitment to preserve the HACU endorsed brand is firm. The HACU and BCU creative teams will work together to develop integrated brand guidelines leveraging all the great work that went into HACU’s recent refresh. 

What we know: 

Baxter Credit Union is an employee‑first organization built on transparency, respect, and collaborative relationships. It’s closely aligned with HACU’s culture and values. In the interactions I’ve had with their leadership team, one thing that stood out to me is that BCU employees describe themselves as family in the same way we describe our HACU team as family. I find that comforting and it reinforces why this merger makes sense.  

I often tell people it’s hard to describe HACU’s culture unless you’re “in” it. Talking to BCU’s leaders, they feel the same way. The BCU culture is grounded in Purpose & Shared Values. When employees embody them, they grow as individuals, they grow a team, and the whole organization grows. That’s the sign of a thriving, engaged workplace. In fact, BCU’s employee engagement score is 87%. (this was measured using the annual Great Place to Work® engagement survey and represents a multi-year trend). Since you’re not yet “in” the combined organization, this may give you a better sense of BCU’s shared values:  

• We foster an environment of INCLUSION. All individuals are treated fairly and respectfully, have equal access to opportunities and resources, and can contribute fully to the organization's success. 
  
• We act with INTEGRITY. We follow the golden rule without exception. We say what we mean and mean what we say. We work to the best of our ability no matter who is or isn’t watching. 
  
• We display COURAGE in our convictions. We drive innovation, reaching beyond boundaries and thoughtfully explore new horizons. We seek help from others who are strong in ways we are not. We challenge the status quo and believe that progress is better than perfection. 
  
• We excel through COLLABORATION. By working as one, sharing information, and seeking solutions, we deliver exceptional outcomes. We appreciate one another’s skills and experiences and hold ourselves and each other accountable for the success of the team. 
  
• We WOW our Members. We focus intensely on putting the member first, delivering extraordinary experiences that create lasting relationships inside and outside the organization. Our authentic and passionate service to others sets us apart. 

High-level, the organization can be described as follows: BCU has approximately 760 employees located across the US and Puerto Rico. 67% of the employees work a hybrid schedule (3 days in-office is BCU’s “Rock the Office (RTO) guideline). Employees are considerate of remote employees with every meeting to ensure a Teams link and meeting room are included, and that remote participants feel included. BCU has a “dress for your day” dress code (This generally means business/business casual if meeting clients; casual when working alone or with colleagues). Most member-facing branch employees (those inside Partner locations operate 5 days/week; those in Community locations operate 6 days/week) wear brandwear to match their respective endorsed.  

While the organization is larger than HACU, many of the leaders (managers and above) have a lot of tenure with the organization, so they remember when BCU was our size and they wore a lot of hats to make sure the job got done. They still wear many hats; they just scale their impact through the development of others now. Growth and scale enable specialization and focus, but no one loses sight of the member-first, service priority. In addition to their daily assignments, employees say that being on Committees, Employee Resource Groups, Taskforces, and sometimes just good old-fashioned grit to tackle challenges are ways BCU’ers find satisfaction in their jobs. 

We’ll go deeper about BCU’s benefits and workplace design in some of the other FAQs.

What we know: 

You are all being offered continued employment at your current pay with a very competitive, comprehensive benefits package. Most roles are expected to remain similar to what you have today, with opportunities for expanded scope, development, and growth over time. 

What’s still being finalized: 

Specific role, department, and job placements will be determined after having conversations with you about your interests, experience and goals.

BCU has a strong track record of retaining employees following mergers, supported by employment continuity, cultural alignment, and deliberate onboarding. BCU’s annual turnover rate is consistently at or below industry average regardless of the timing of a merger.

No two mergers are identical, and this situation isn’t any different. It’s neither the “BCU” or the “HACU” way to eliminate positions as a part of the merger process. There are no planned layoffs, branch closures, or required staff relocations as we bring our organizations together.

What we know: 

Our members will continue working with the same people, at the same branches they know and trust. The combined organization’s scale allows for higher deposit rates and lower fee reliance, which translates to putting millions of dollars back into members pockets every year. HACU members will receive a generous equity distribution at the time of the merger, and after the merger, BCU will offer HACU members special product promotions to reward loyalty and deepen engagement. The merger enables continued investment in enterprise-grade technology, infrastructure, and cybersecurity which strengthens our resilience, protects members’ information, and supports a scalable, future-ready banking experience. 

What’s still being finalized: 

The exact dates of member notifications are yet to be finalized but will be shared very soon. There is a very specific process for orchestrating communication to members that we didn’t want to begin until we had the chance to speak to all of you and contact the Regulators. Details on member equity distribution mechanics and timing are also still be finalized. 

What we know: 

I encourage everyone to stay engaged, curious, and enthusiastic about our future! Ask questions and continue serving members with the care and professionalism you always have. The leadership teams at HACU and BCU are here to support you through and beyond this transition. We believe strongly that this is a “2 + 2 = 8” situation, meaning that the sum of our combined organizations will amplify what we both do well. But accomplishing this requires everyone being at your best! I’m asking everyone to actively participate in, and to embrace this merger. 

Share what you know! HACU has a lot to be proud of, and I know there are ways we work that will positively contribute to our combined organization going forward. It’s important to be open and collaborative throughout this transition and beyond. 


What’s still being finalized: 

Continuous communication including a dynamic website with ongoing updates to these FAQs, training information, and methods for delivering feedback will be rolled out as soon as possible. 

BCU offers a wide array of lending, saving, and demand deposit products including “bundles” specifically designed for healthcare professionals, advanced embedded digital solutions, financial planning and wealth management – all protected by the highest level of enterprise security. Once added to HACU’s already strong product offering, our combined organization’s offering will make it easier for us to fulfill our purpose to provide accessible, affordable financial services on a national scale - tailored to healthcare workers, their families, and the communities we serve.

What we know: 

We don’t anticipate discontinuing any HACU products because of the merger. 

What’s still being finalized: 

Now that you’ve been made aware of our intention to combine organizations, BCU and HACU leaders will begin the due diligence process to better understand the specifics behind all our products, services, and operations. Some are more complex than others, and some will require additional time to research next steps. We will communicate all our plans about products and services as soon as new information becomes available.

What we know: 

We’re here to give you the answers you need. If you have any questions about this merger and what it means to you, please ask your manager, any member of the senior leadership team, or me. The BCU leadership team is also happy to answer any of your questions directly. Each of these FAQs, the BCU Employee Handbook, a link to the BCU Benefits Guide, and contact information for BCU leaders can be found at BCU.org/HACUtransition. You can also email us at HACU.merger@bcu.org. We promise to respond to every question within one business day. 

What’s still being finalized: 

Responses to questions that arise after today’s meeting, and the cadence of more all-hands meetings like this (that we will sometimes have with BCU and HACU) between now and the merger date will be communicated in the channels described above and by your manager.

What we know: 

Success for staff means employees feel informed, supported, and confident early on, then settled and growing over time - with a strong sense of belonging by the one‑year mark. You will be part of a team with shared goals, and you’ll have the opportunity to demonstrate your value in the way to contribute to the team goals and the individual goals you determine with your manager. 

Success for the combined organization means we are growing faster and healthier together than we were as individual organizations. We’re hitting our member growth, engagement, and experience goals, and all financial metrics (such as Capital, ROA, Gross Operating Expense) are strong. 

What’s still being finalized: 

Specific growth and experience metrics will be defined as we begin working more closely together. Both HACU and BCU believe strongly that happy, thriving employees create happy, thriving members, and from there, results follow. So, it will be our goal to focus on employee and member satisfaction, and trust that favorable financial results will be the outcome of that effort.

What we know: 

All current HACU positions are included as part of the merger. All employees will be given a role in BCU at your current rate of pay. Employment will be for a minimum of twelve (12) months following the Merger Effective Date, unless terminated sooner (for just cause) by HACU or BCU.  

What’s still being finalized: 

Specific departments and job titles an employee will be transitioned into. 

Please reference SECTION 1 above for complete responses to these questions.

BCU will maintain either (a) the existing HACU branch locations, or (b) replace/add an HACU location within a five (5) mile radius of our current branches for a minimum of five (5) years following the Merger Effective Date - provided that BCU wouldn’t be required to renew any lease that expires prior to the end of the five (5) year period where the continued operation of a branch would not be economically reasonable. As soon as is reasonably practical, BCU intends to relocate our Des Plaines branch (currently located at 249 South River Road) to a new location within a five (5) mile radius. After our organizations combine, HACU’s current branches will continue to operate under the HACU brand, powered by BCU.

Current HACU employees won’t need to reapply or interview for a role. The BCU team wants to get to know you! You will be asked to share your career goals, aspirations, skills and thoughts to ensure you’re aligned to a role with the right responsibilities and an area of the business that is a mutually good fit for you and the team you’re joining.

This is a topic that’s still being finalized: 

This has yet to be determined but will likely be late 2026. BCU will be scheduling group and individual conversations to get to know you better so we can ensure you’re aligned to a role with the right responsibilities and an area of the business that is a mutually good fit for you and the team you’re joining. 

Absolutely! You’re welcome to work at a BCU location that’s closer to your home. You will just be asked to speak to your manager to be sure ample space is available at your desired location, and that your manager agrees the location you’re requesting will be in yours and the Credit Union’s best interest given your role.

This is a topic that’s still being finalized: 

We fully expect HACU Lisle’s current departments to continue to operate from that office after the merger. Our expectation is that everyone who wants to work from the Lisle office will continue to do so, even if they are in a new role. This will be become much clearer once we better understand how our credit unions currently function – something that will be much easier to answer after due diligence begins.

This is a topic that’s still being finalized: 

This is yet to be determined. Individual meetings with each of our leaders and BCU leadership are being scheduled to discuss how we handle this as a combined organization. 

BCU’s goal is to integrate all staff into roles that they’re qualified and excited about.  If an HACU employee doesn’t feel a role is aligned with their expertise, they can choose a severance package as an option.

HACU employees are welcome to explore any open role at BCU.

As we move forward to integrate our teams together, each HACU employee will receive a job description for the role they accept with the combined organization.

Branch hours of operation will be reviewed based on business and member needs.

Specifics about your reporting structure and whether your supervisor will change depends on the role you accept with the combined organization. 

This is a topic that’s still being finalized: 

You’ll meet your new supervisor shortly after your new role is confirmed and your supervisor has been identified. This has yet to be determined but will likely be late 2026.  

Employees who choose not to continue employment with BCU will be offered severance, outplacement services, uncontested unemployment and COBRA cost sharing for the first six months of the 18 months of COBRA.