Andigo, Consumers credit unions to merge June 1

Andigo Credit Union and Consumers Credit Union will complete a planned merger June 1, the two financial organizations said Friday.

The new credit union will operate under the Gurnee-based Consumers Credit Union's name and serve more than 163,000 members. It will have more than $2.3 billion in assets and become the fifth largest credit union in Illinois, as well as one of the 130 largest credit unions in the U.S., officials said.

The merger, announced in August 2019, has received the needed regulatory approvals as well as approval of both organizations's members, officials said in a statement. Unlike traditional banks, credit unions are nonprofit organizations whose customer members have a vote in operations, which is typically conducted at an annual meeting.

While the merger is set for June, the two credit unions will continue to run operations as-is until June 2021 to allow for complete integration of the two organizations. During that time, Schaumburg-based Andigo will operate as Andigo Credit Union, A Division of Consumers Credit Union.

Consumers Credit Union CEO Sean Rathjen will continue in that role, while Andigo CEO Mike Murphy will become president. It will employ more than 475 people in 18 branches, which will have access to a national shared branching network.

"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," Murphy said in a prepared statement.

The combination of the two credit unions will give the new CCU "a competitive edge that will enable us to offer best-of-breed products and services to our growing member base," Rathjen said in a statement.

"For more than 80 years, Andigo has provided outstanding service to their members, and we look forward to building upon that tradition as we combine our two great credit unions," Rathjen added.