Consumers Credit Union (Gurnee, IL) and Andigo Credit Union (Schaumburg, IL) have announced the intent to merge later this year, subject to regulatory and member approvals.
Combining the two credit unions will create very exciting opportunities to help better serve our combined membership. With additional scale and the talent at both credit unions, our combined organization can establish a competitive edge enabling us to offer best-of-breed products and services to an ever-growing member-base both in Illinois, and throughout the United States. Both organizations share a deep commitment to members, employees, and our communities – that dedication will remain unshaken as the credit unions come together.
It is important to note that this merger is not an acquisition of one company by another. Both Andigo Credit Union and Consumers Credit Union are strong and well-capitalized. However, the leadership teams and Boards of Directors strongly believe that we can be even greater together.
If approved, the new organization would employ more than 475 employees throughout Illinois and offer members 18 prominent community branch locations in Illinois, access to a national shared branching network, and more than 80,000 surcharge-free ATMs worldwide. All employees at both credit unions will remain at the new credit union and will benefit from additional opportunities for growth and advancement. Additional employment opportunities will be added as we continue to grow, which is a benefit to the communities we currently serve.
The combined credit union would operate under Consumer Credit Union’s name and would serve more than 156,000 members and have over $2.1 billion in assets, making the new credit union the 5th largest in Illinois and one of the 130 largest credit unions in the US. Sean Rathjen, current CEO of Consumers Credit Union, would continue in the position and Mike Murphy current President and CEO of Andigo would hold the position of President of the combined organization.
The merger needs to be approved by the Illinois Department of Financial and Professional Regulation and the National Credit Union Administration. If approved, there will be a vote of Andigo members later this year regarding the merger.
Both credit unions are very excited about this historic transformation. The combined resources and financial strength of the two credit unions will reinforce the continued commitment to offer the very best in financial services, the latest, safest technologies, and service second to none.
More updates will be communicated regarding the merger as they become available.
About Andigo Credit Union
Headquartered in Schaumburg, IL since 1939, serves more than 36,000 members with $865 million in assets. It is one of the largest not-for-profit, member-owned financial institutions in the state. Andigo passes proceeds back to members in the forms of better rates and lower fees, while having more fun along the way. In short, it’s like a bank, without the bummer. To learn more about Andigo’s products and services, or for information on how to join, visit www.andigo.org.
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