Two faith-based credit unions in the Twin Cities area are merging July 1.
The $19 million St. John's Credit Union of Little Canada said it will be acquiring the $6 million Minnesota Catholic Credit Union of Spring Lake Park. Its members approved the merger April 25.
Regulatory approval has been received from the Minnesota Commerce Department and final approval from the NCUA is expected shortly, they said.
“We are pleased we found a merger partner that so closely matches our field of membership. I know our members will be well served.” said Jill Hein, who is retiring as president/CEO of Minnesota Catholic CU.
David Sawin, CEO of St. John's, said both CUs “have a rich history serving our Catholic community with quality products and services at competitive rates. We're excited to build on that.”
The combined credit union will serve 4,300 members through a field of membership that increases 21 parishes, the Knights of Columbus and the cities of Spring Lake Park, Blaine and Coon Rapids.
In the past couple weeks in the Twin Cities, Ukrainian Credit Union also was acquired by TruStone Financial CU and Hmong American FCU was liquidated by the NCUA.
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