BROOKLYN CENTER, Minn.–Members of Electrus FCU here have voted to merge into SPIRE Credit Union, with the credit union to now operate as Electrus–A Division of SPIRE Credit Union.
Falcon Heights, Minn.-based SPIRE said Electrus members will receive a special dividend payout prior to the merger effective date.
Founded in 1957, Electrus has approximately 5,300 members and more than $60 million in assets, with an FOM that includes contractors, members, retirees, and office personnel of the following IBEW Local Unions: 343, 292, and 160.
“After an intensive search and careful consideration, the Electrus’ board of directors determined SPIRE Credit Union was best suited to meet the goals of the credit union and assure its long-term viability,” said Debbie Mickelson, Electrus president/CEO, “We believe SPIRE has the same passion and vision as Electrus, and our members will gain significant value and benefits from the partnership.”
Added Dan Stoltz, president and CEO of SPIRE CU, “Our mantra for this partnership is simple – same faces, same places. Electrus will keep the same location and staff. We look forward to working with the Electrus members, serving the Brooklyn Center community, and offering best-in-class financial solutions.”