SCHAUMBURG, Ill. –– The $858-million Andigo Credit Union and the $1.41-billion Consumers Credit Union in Gurnee, Ill. said they have officially merged, creating the fifth largest credit union in Illinois, but they will continue to run their respective operations, mostly as-is, until 2021.
The credit unions said the transition period will provide time to fully integrate the two organizations. During this time, Andigo will operate as Andigo Credit Union, a Division of Consumers Credit Union.
The newly combined credit union, which will operate under the name Consumers Credit Union, serves more than 163,000 members and has more than $2.3 billion in assets.
According to the two organizations, the combined credit union employs more than 500 people in the Chicago area and offers members 18 branches, access to a national shared branching network, with more than 80,000 surcharge-free ATMs worldwide.
A ‘Competitive Edge’
“With the talent and products we have at both credit unions, we have a competitive edge that enables 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,” said Sean Rathjen, CEO of Consumers Credit Union.
Added Mike Murphy, president of Consumers Credit Union and former CEO of Andigo Credit Union, “Our leadership team and board of directors strongly believe that together we can deliver even greater value and service to our members. The combination of two strong, healthy credit unions provides us with the scale we need to innovate and dedicate resources to continue to deliver exceptional member experiences, both in-person and digitally in our evolving economy.”