Chicago-area credit unions set to merge
Andigo Credit Union of Schaumburg, Ill., has announced its intent to merge into the Gurnee, Ill.-based Consumers Credit Union.
The combined institution will become the fifth largest CU in Illinois, serving more than 163,000 members with over $2.3 billion in assets, according to a press release on Thursday. Members will have access to 18 branches, and the CU will employ over 475 people.
“Both of our teams are excited for the opportunities that combining forces will bring to our members and our people,” Sean Rathjen, CEO of Consumers Credit Union, said in the press release. “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.”
The planned merger has received regulatory approval and approval from Andigo’s membership.
“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,” Mike Murphy, CEO of Andigo Credit Union said in a press release.
Murphy will transition from CEO of Andigo to president of the combined organization while Rathjen will retain his title.
The deal is expected to close on June 1, though the two credit unions will continue their current operations until June 2021 to allow time for integration. The $850 million-asset Andigo will operate under its name until 2021, but will include that it’s a division of Consumers Credit Union.
Andigo Credit Union earned $5.9 million in 2019, up 60% from a year earlier.