CLOQUET, Minn.–Two Minnesota credit unions have combined their operations. Members of the $18.6-million Floodwood Area CU have voted in favor of merging into the $91-million Northwoods Credit Union.
“Our board and management started looking for potential merger partners and after much research chose Northwoods Credit Union, as they have very similar core values,” said Patrick Babinski, CEO and president, Floodwood Area Credit Union in a statement.
The merger will provide Floodwood area members with services and products they weren’t able to get before, like online bill pay, mobile deposit and others, the credit union said.
All FACU employees will retain employment.
Merger in Texas
Meanwhile, in Houston, members of the $5.1-million Houston Musicians FCU have voted to approve a proposed merger with Space City Credit Union. The combination of the two credit unions will create an $83-million credit union with four branches in Houston and La Porte, Texas, serving nearly 8,800 members.
Effective May 1, the combined entity will operate under the Space City Credit Union name. Along with its four branches in Houston and La Porte, Space City is also a member of the shared branching network which has nearly 50 Houston-area shared branch locations.
“We’re all very excited about the merger with Houston Musicians FCU," said SCCU CEO Craig Rohden. "Our economy of scale is increasing, and this will allow us additional resources to serve our members even better. Our mission is to go above and beyond for our members, and we’re looking forward to doing just that for our new HMFCU members.”