Members Approve Merger to Create Fourth Largest CU in Minnesota
Consolidation of Hiway with SPIRE will manage assets of nearly $4 billion and serve a membership of more than 249,000.
Members of Hiway Credit Union of St. Paul, Minn., voted to approve a merger Wednesday with SPIRE Credit Union of Falcon Heights, Minn., which will create the fourth largest financial cooperative in the state.
Among the Hiway members who cast a ballot, 81.2% voted in favor of the consolidation and 18.8% voted against it.
A new name and brand are expected to be announced later this year before the legal date of the merger on Jan. 1, 2024, while other organizational processes and technologies will be integrated throughout next year.
Hiway and SPIRE said they plan to combine their boards and management teams, with SPIRE President/CEO Dan Stoltz taking the role of CEO, and Hiway President/CEO Dan Boden becoming the president.
The consolidated organizations will manage nearly $4 billion in assets with over 600 employees operating 26 branches, serving more than 249,000 members.
“We are excited for the future of our new organization,” Hiway’s Boden said in a prepared statement. “Our members, many of whom have been with us for decades, have been incredibly supportive of this merger, and their overwhelmingly favorable vote underscores that they recognize the many advantages of our two strong credit unions becoming one.”
Stoltz said the vision is to build the best credit union in the region.
“With all the support and enthusiasm that we’ve experienced, and the combined talent and resources, we know that we can get there,” he said. “This is an exciting time for all of us and for our communities.”
The merger was approved by the NCUA during the second quarter.