Andigo Credit Union in Schaumburg, Ill., has agreed to merge into Consumers Credit Union in Gurnee, Ill.
The deal would create an institution with more than 156,000 members, over 475 employees in the Chicago area, 18 branches and $2.1 billion in assets. The combined entity would be the fifth-largest credit union in Illinois, Consumers and Andigo said in a press release Monday.
The merger has been approved by the boards of both credit unions but the deal is still subject to regulatory approval. The members of Andigo also have to vote on the deal later this year.
Sean Rathjen, current CEO of the $1.3 billion-asset Consumers, will become the CEO of the combined entity. Mike Murphy, current CEO of the $865 million-asset Andigo, will serve as president.
