WOODBURY, Minn.–Two Minnesota credit unions have announced a merger. The $650-million Ideal Credit Union said it has absorbed the $12-million Employees First Credit Union of St. Paul.
A $250 merger dividend was paid out to every EFCU member in good standing. The EFCU office at 2250 Wabash Avenue in St. Paul will be rebranded and remain open, and all EFCU employees have been retained.
“One of Ideal’s primary goals is to help members ‘Live the Ideal Life’ by providing excellent member service along with competitively priced products and services to meet all of our member’s financial needs,” said Ideal CU President/CEO Brian Sherrick, in a statement. “We are excited to bring the ‘ideal difference’ to EFCU members and their families through this merger/partnership.”
Founded in 1926, Ideal Credit Union has more than 50,000 members.