BEVERLY — Passersby might think there's been some sort of mistake when they spot the 74th Street Depot Federal Credit Union at the northeast corner of 101st Street and Western Avenue.
There's no mistake.
The credit union rooted at the Chicago Transit Authority's 74th Street Depot has simply moved to 10057 S. Western Ave. in Beverly, said Charles Peterson, treasurer and manager of the facility that replaces Munro Landscaping Inc. at the busy intersection.
"When we saw this site, we thought 'What could be better than Beverly?'" Peterson said Friday.
The credit union has 720 members and $8.4 million in assets, Peterson said.
The credit union has spent more than $600,000 to buy and update the former landscaping yard. Peterson said the building is in its final round of inspections with the city. He hopes to open in late February or early March.
"Clearly, the exterior looks a lot better," Ald. Matt O'Shea (19th) said.
All members of the credit union are either employees, retirees or immediate family members of workers at the CTA's 74th Street Depot at 1815 W. 74th Street in West Englewood — hence the name.
Peterson said he and board members have considered changing the name of the credit union with the move, but it somehow seems inappropriate considering the vital role of the depot has played in the formation of the co-op.
Eight employees will staff the new credit union, which is moving from a temporary facility in suburban Evergreen Park. Initially, hours will be from 10 a.m.-3 p.m. on Monday, Tuesday and Thursday.
After establishing itself in the 4,500-square-foot building, Peterson said the credit union may extend hours as well as seek to change its charter to allow neighborhood residents and other non-CTA employees to take advantage of its financial services.
Indeed, the 74th Street Depot Federal Credit Union isn't the only credit union serving the CTA. Peterson said 11 different credit unions are available to the city's bus drivers, train operators and other employees.
Nearby United Credit Union at 9730 S. Western Ave. in Evergreen Park is among the crowd servicing the CTA employees, said Peterson, a Chatham resident.
But the 74th Street Depot Federal Credit Union's move to neighboring Beverly isn't intended to snuff out the competition, he said.
"It's a gentleman's agreement. You don't steal our members. We don't steal your members," Peterson said.
Coincidentally, Peterson remembers buying spring plants and Christmas trees at Munro Landscape. Now, he's eager to turn the page.
"I think this is a great location," he said.
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