Minnesota's TopLine Federal Credit Union said Thursday it will be expanding its Twin Cities reach next month following its planned merger of the ailing $35 million Como Northtown Community CU of St. Paul.
The consolidation, still subject to regulatory approval, was effected under NCUA prodding as Como was directed to find a merger partner, officials said. Como Northtown had losses of $1.2 million for 2009 and $1 million in 2010, with 2.4% net worth.
"Like a number of other small credit unions which may be struggling, they found themselves with bad loans," explained Harry Carter, president/CEO of TopLine, which for the first time can expand into neighboring Ramsey County, the home of St. Paul.
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