Duome is coming to Chicagoland
We are thrilled to welcome a new owner of Duome: Great Lakes Credit Union (GLCU), which has made a capital investment through its holding company, GLCU Holdings. With this investment, GLCU Holdings becomes the third owner of Duome, following One Washington Financial and New Orleans Firemen’s Federal Credit Union.
GLCU’s story started in 1938, when civil servants at Naval Station Great Lakes in North Chicago had nowhere to bank, so they built a credit union of their own. Nearly ninety years later, GLCU serves more than 105,000 members with more than $1.4 billion in assets, and they still shows up for the people mainstream finance tends to overlook.
Through the GLCU Foundation for Financial Empowerment, its team has spent years helping members get mortgage-ready with homebuyer counseling and financial education. Those members are exactly who Duome was built for.
Our counselors sit down every week with members who have done everything right and still can’t make today’s home prices work. When we saw Duome, we saw the missing piece. We’re proud to bring it home to Chicagoland.”
- Michael Abraham, President and CEO, GLCU Holdings
Chicagoland shows exactly why this matters. In July, the median single-family home in the Chicago metro sold for $450,000, up about 7% from a year earlier. The region’s median household income sits at $90,770. That puts a typical home at roughly five times what a typical household earns.
“GLCU has been getting families ready to buy for years. Now those families have a real way to close the gap between what they can afford and what homes cost. Chicago, we are so glad to be here.”
- Miriam Ackerman, Co-Founder of Duome
Thank you, GLCU Holdings, for believing in what we’re building together.
We'll have more to share soon. In the meantime, if you'd like to learn more or explore ways to be involved, we'd love to connect.
About Great Lakes Credit Union
Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good.
As a not-for-profit financial cooperative with more than $1.4 billion in assets, GLCU is proud to serve more than 105,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more at glcu.org.
About Duome
Duome (Doo' ohm) is a CUSO built to help credit unions close the housing affordability gap through shared ownership co-investment. Duome co-invests alongside homebuyers as tenants-in-common, reducing monthly mortgage burden for creditworthy buyers while enabling credit unions to grow funded loan volume and deepen member relationships. Duome is headquartered in Minneapolis, Minnesota.