TopLine Financial CU Receives New Charter & New Name
The credit union has switched from a federal charter to a state charter.
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.
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.”