SCHAUMBURG, Ill.–Two Illinois CUs have announced plans to merge and create a more than $2-billion institution.
The $865-million Andigo Credit Union here and the $1.27-billion Consumers Credit Union Gurnee, Ill. said their goal is to combine later this year. If successful, the merged CU will have more than 156,000 members and would create the fifth-largest CU in Illinois.
“Both of our teams are excited for the opportunities that combining forces will bring both to our members and our employees,” said Sean Rathjen, CEO of Consumers Credit Union, in a statement. “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 greater Chicago area.”
The merger has been approved by the boards of both institutions but still requires the OK from the Illinois Department of Financial and Professional Regulation and NCUA, as well as a vote by members of Andigo CU.
The merged institution will operate under Consumers’ existing charter and name.
“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 can be even greater together.”
Rathjen will be CEO of the merged credit union and Murphy will be president. Mike Murphy, current CEO for Andigo Credit Union, will be President of the newly combined organization.
If finalized, the new entity will employ more than 475 employees in the Chicago area and offer members 18 branches, access to a national shared branching network, and more than 80,000 surcharge-free ATMs worldwide.