MINNEAPOLIS, Minn.–In a rare move, a credit union that was once a single CU before splitting is combining again.
Members of the $11.3-million Midland Co-op Credit Union (MCCU) have voted in favor of merging into the $1.8-billlion SPIRE Credit Union in Falcon Heights, Minn. The partnership/merger between SPIRE and MCCU will become effective November 1, 2021.
According to the CUs, Midland Co-op Credit Union and SPIRE Credit Union started as one credit union in 1934 at the height of the Great Depression. SPIRE’s founder, Edgar Archer, was an employee of Midland Cooperative Oil Association.
“He sought a loan to pay debts incurred while out of work, but time after time was turned down. Archer worked with seven colleagues to apply for a Certificate of Organization in March 1934,” the credit union reported. “Founded as Twin City Oil Co-ops Credit Union, now SPIRE, the credit union opened with 52 members and an average loan amount of less than $50.
“By 1940, the credit union was serving members and employees of both Midland Cooperatives and Co-op Services. Regulators encouraged splitting the two groups with Twin City Oil Co-ops Credit Union (now SPIRE Credit Union) servicing Co-op Services, and a newly formed Midland Co-op Credit Union to serve Midland Cooperatives.”
Reasons For Merger
“We chose to partner with SPIRE for several reasons. They are Minnesota-based and a well-known name; offer a full suite of products, services and branch locations for our members; have continually competitive loan rates and dividends; and provide easy and free access to ATMs, as well as drive-ups,” said Becky Lindman, MCCU president, “Most of all, we chose SPIRE because they CARE about our members and our legacy.”
According to NCUA data, MCCU reported net income of $24,000 with net worth of 9.34% at mid-year.
“We are excited to welcome back the Midland Co-op members to the SPIRE family,” said Dan Stoltz, SPIRE President/CEO, “Our partnership is a triple win: a win for our employees, a win for our communities, and most of all, a big win for our memberships.”