ST. PAUL, Minn.–Hiway Credit Union is reporting that 81.2% of its voting members voted in favor of merging into Falcon Heights, Minn.-based SPIRE Credit Union.
When complete, the merger between the $1.7-billion Hiway CU and the $2.1-billion SPIRE will create the fourth-largest CU in Minnesota, with approximately a quarter-million members. Plans call for a new name and brand for the merged CU, with the legal date of the merger set for Jan. 1, 2024.
‘Many Advantages’
“We are excited for the future of our new organization,” Dave Boden, Hiway Credit Union president/CEO. “Our members, many of whom have been with us for decades, have been incredibly supportive of this merger, and their overwhelmingly favorable vote underscores that they recognize the many advantages of our two strong credit unions becoming one,” he said in a statement.
Hiway and SPIRE said they will combine their boards and management teams, with SPIRE President/CEO Dan Stoltz taking the role of CEO, and Boden becoming president. All employees from both credit unions will be retained—the combined workforce will be approximately 600--and all 26 existing branch locations will remain open, the credit unions said.
‘An Exciting Time’
“Our vision is to build the best credit union in the region,” said Stoltz. “With all the support and enthusiasm we’ve experienced, and all the combined talent and resources, we know that we can get there. This is an exciting time for all of us and for our communities.”
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