FALCON HEIGHTS, Minn.–Members of one Minnesota Credit Union have voted in favor of merging into another.
Of those who cast votes, 96.4% of the members of the $9.47-million H.B.I Employees Credit Union (HBICU) said they support merging into the $1.94-billion SPIRE Credit Union.
H.B.I Employees, founded in 1955 and which has 959 members, reported a $9,514 loss at year-end 2021 with a 10.5% net worth ratio. SPIRE reported $20.7 million in net income and net worth of 8.27%.
“H.B.I Credit Union is excited to partner with SPIRE Credit Union," said President/CEO Karen M. Fleming. "The board of directors, management and staff unanimously agreed that SPIRE Credit Union was the future for our members. Dan Stoltz, CEO of SPIRE Credit Union cares about the credit union movement, the members, the employees and the community. SPIRE has a full suite of products and services with competitive rates and 21 locations in Minnesota, plus 5,500 locations to serve our HBICU members throughout the United States.”
‘Excited to Serve’
Added Stoltz, “We are excited to serve and welcome HBICU members to the SPIRE family. Our partnership is a triple win: a win for our members, a win for our communities, and most of all, a big win for our employees."
SPIRE merged in three other credit unions during 2021: Midland Co-op, Central Hanna Employees CU, and Diversified.
H.I.B. Employees and SPIRE have not yet submitted disclosure paperwork with NCUA related to any plans for a capital distribution to members or payments to management.