SCHAUMBURG, Ill.–Two Illinois credit unions have announced plans to merge and create a CU of more than $2 billion in assets.
The $868-million Andigo CU in Schaumburg and the $1.41-billion Consumers CU in Gurnee, Ill. said members have voted in favor of the combination and regulators have signed off on the deal, which would create a $2.3-billion CU serving more than 163,000 members.
Consumer Credit Union will be the surviving name and brand. When the merger is completed, the CU will be the fifth-largest in Illinois.
“The combination of our two strong, healthy credit unions will provide us with the scale we need to innovate and to dedicate resources to deliver exceptional member experiences, both in-person and digitally,” said Mike Murphy, CEO of Andigo Credit Union, in a statement. “While both of our credit unions deliver great value to our members today, our leadership teams and boards of directors strongly believe that we will be even greater together.”
CU to Temporarily Operate as ‘Division’
According to the two credit unions, the merger will become official on June 1, 2020, but plans call for each to run their respective operations as-is until June 2021. During that time, Andigo will operate as Andigo Credit Union, A Division of Consumers Credit Union, the CUs said.
The combined credit union will employ more than 475 people in the Chicago area via 18 branches, access to a national shared branching network, and more than 80,000 surcharge-free ATMs worldwide.
Sean Rathjen, current CEO of Consumers Credit Union, will be CEO and Mike Murphy, current CEO of Andigo Credit Union, will be president of the newly combined organization, according to the merger announcement.
‘Excited for Opportunities’
“Both of our teams are excited for the opportunities that combining forces will bring to our members and our people,” said Rathjen, CEO of Consumers Credit Union. “With the talent and products we have at both credit unions, we will have a competitive edge that will enable us to offer best-of-breed products and services to our growing member base with the largest credit union branch network in the Chicago area.”
Andigo was founded in 1939, Consumers CU in 1930.