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Three months after its board and membership voted to approve its move from a federally-chartered credit union to a state-chartered credit union, TopLine Financial Credit Union received final approval for the charter conversion effective Aug. 1.
Along with the new charter, TopLine ($675 million in assets, 47,476 members) changed its name from TopLine Federal to TopLine Financial.
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According to a statement on Monday, TopLine officials explained the shift to a state-chartered credit union will allow TopLine to drastically expand its field of membership from seven Minnesota counties to 11.
"We are thrilled to receive final approval for TopLine's conversion to a state-chartered credit union," TopLine President/CEO Tom Smith said. "This is a significant opportunity for us to broaden our reach in more communities to serve more individuals, families and small business owners, to act as a resource to advocate for financial well-being, as well as support additional social responsibility efforts to positively impact our communities; all to better fulfill our cooperative mission of helping people."
While TopLine will continue to be insured by the NCUA, it will now be regulated by the State of Minnesota Department of Commerce. According to TopLine, more than 70% of Minnesota's credit unions are state-chartered credit unions.
"We're excited about serving even more of our Minnesota friends and family," Smith said. "This exciting time in TopLine's history would not have been achieved without the hard work and dedication of our employees, board of directors, members, (the) NCUA and the Minnesota Department of Commerce. The Commerce Department has been a true partner during the application process, and we thank them for their guidance to make this possible."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
