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Mid-States and Minnesota Corporate Complete Last Step in Merger Process

WARRENVILLE, Ill. - Minnesota Corporate FCU and Mid-States Corporate FCU will start the new year as one corporate. The last step in the merger process was completed on Dec. 23 with Minnesota Corporate's members overwhelmingly approving the merger. The merger officially happened on Dec. 31. This merger was a long...

By Staff Writer | Updated on January 06, 2004

WARRENVILLE, Ill. – Minnesota Corporate FCU and Mid-States Corporate FCU will start the new year as one corporate. The last step in the merger process was completed on Dec. 23 with Minnesota Corporate’s members overwhelmingly approving the merger. The merger officially happened on Dec. 31. This merger was a long time coming. It’s been in the works since October of 2002. It was complex on many levels and goes down as the largest corporate credit union merger ever (previously it was the INDICORP/Mid-States merger). When it’s completed it will create an approximately $5 billion corporate, making it the third-largest corporate behind WesCorp, which merged with PacCorp earlier this year, and Southwest Corporate. The Mid-States’ name will be retained as well as its Illinois-based headquarters. Minnesota Corporate’s former headquarters in Eagan, Minn. will become a Mid-States’ regional office. Mid-States President/CEO Dave Preter will remain as CEO and Minnesota Corporate President/CEO Lewis Lambert will become president of Minnesota Operations.

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