MAHNOMEN, Minn.–Two Minnesota credit unions are seeking to merge.
Members of the $3.1-million White Earth Reservation FCU, which has struggled with profitability, have voted in favor of merging into the $3.74-billion Affinity Plus FCU, and regulators have provided approval, according to Affinity Plus.
Plans call for the merger to be completed by April 1, after the CUs signed an agreement in 2021 to purse the combination. WERFCU’s single location will become APFCU’s 30th branch.
“Affinity Plus is excited to add White Earth Reservation Federal Credit Union to improve the banking experience, financial health, and access to resources for members of both credit unions,” said Dave Larson, president and CEO of Affinity Plus, in a statement. “It is a great fit because they share our values of financial inclusion and local support for people of all financial needs.”
The credit unions said in announcing the merger that “WERFCU has served the White Earth Nation for more than 56 years, yet its size and earnings have limited how extensively it can serve members. This merger will provide northern Minnesotans a stronger banking connection with more meaningful self-service and consultative resources for every stage of life.”
Negative Net Income
White Earth Reservation FCU reported negative net income of $7,205 and net worth of 5.93% at year-end 2021. Affinity Plus FCU reported $43.76-million in net income with net worth of 8.16% as of the same date.
White Earth Reservation FCU has approximately 1,444 members, while Affinity Plus FCU serves more than 230,000 members.
Give Us Less Than 1 Minute & We’ll Give You Good News!
The ongoing popularity of CUToday.info’s daily Fresh Today newsletter has led to a need to move to a new server in order to provide improved service to our readers. In order to continue to receive the daily email, you must register by March 7. To register, just click here. The daily Fresh Today news headlines email remains FREE! The new service is being launched as part of a partnership with ResponseGenius.