FALCON HEIGHTS, Minn.–Members of Diversified Credit Union in Minneapolis have voted in favor of merging into SPIRE Credit Union. The merger is to be effective April 1.
The $41-million Diversified Credit Union was founded in 1930 as the Minneapolis Gas Light Credit Union; the original sponsor is now known as CenterPoint Energy. In 1988, DCU expanded its field of membership to include E.F. Johnson Company, now E.F. Johnson Technologies, in Waseca, Minn. In 2002, Dunwoody College of Technology teachers, employees, and their families became eligible to join Diversified Credit Union.
In the notice of the merger proposal Diversified CU provided to NCUA, the credit union said it will not be distributing any portion of its net worth (9.02% as of year-end 2020), as it is similar to that of SPIRE, and it plans to keep its main office as well as a branch open.
DCU’s disclosure form indicates none of its employees will see increases in compensation as a result of the merger.
Diversified CU reported net income of $453,568 as of year-end.
“We are excited to service the Waseca community and offer expanded products and locations to DCU members,” said Dan Stoltz, president/CEO of the $1.55-billion SPIRE President/CEO. “This merger is a triple win: a win for our employees, a win for our communities, and most of all, a big win for our memberships.”
The combined credit union will have approximately 132,000 members.