Gurnee, Ill.-based Consumers Cooperative CU and Schaumburg, Ill.-based Andigo CU intend to merge later in 2019. The resulting organization will have more than $2.1 billion in assets.
Sean Rathjen, CEO of Consumers, will be the CEO of the combined credit union. Mike Murphy, CEO of Andigo, will be the president of the merged organization.
The merger will require approval from the Illinois Department of Financial and Professional Regulation and the National Credit Union Administration. Andigo will hold a vote of its members, as the combined credit union will operate under Consumers' existing charter and name.
Consumers has $1.27 billion in assets, while Andigo has assets of $865 million, according to a news release.