The Motorola Employees Credit Union has gone through some changes in recent years, but not like its legendary namesake, the former Motorola Inc.
While the namesake company split into two and dealt with their own financial issues, the credit union has changed its name to Andigo, offers its financial products and services to the public and plans to open its first retail branch on Monday.
"It's still a not-for-profit and member owned," said CEO Mike Murphy, a Wheaton resident. "But we don't have any outside stockholders to deal with."
The former Motorola Employees Credit Union opened in 1939 in Chicago and moved to the Schaumburg campus, along with the Motorola company, in the 1980s. As the company eventually downsized and split into two, the credit union stayed the course. When Murphy started at the credit union 21 years ago, it had about $220 million in assets. Today, Andigo has about $900 million in assets.
The credit union, which has 115 workers, chose Andigo as a combination of three words: And I go. The name represents how the credit union wants itself viewed as more mobile and meeting the needs of the customer. Last year, Andigo moved off the campus and into a larger headquarters, also in Schaumburg.
While it continues to have offices at both Motorola Solutions in Schaumburg and Motorola Mobility at the Merchandise Mart in Chicago, Andigo sees its new retail branch, at 1310 N. Meacham, as reaching deeper into the community, Murphy said.
The credit union offers many of the same services as the bigger banks, except it has more favorable rates and lower and fewer fees, Murphy said.
Andigo also offers an interactive approach with iPads to use to access information inside the offices and other iPads available for kids to play games on while waiting for their parents.
"We're focusing on delivering value to our members," Murphy said. "They're the people we do business with."