ST. CLOUD, Minn.–Two Minnesota credit unions have announced completion of a merger.
St. Cloud Financial Credit Union said it has completed its final integration with the former Starcor Credit Union, which had $9.5 million in assets. The merged credit unions have become one organization under the St. Cloud Financial Credit Union name as of March 2, 2020.
“We are excited about the nature of this merger in having two strong organizations who share common core values, positioning us to do even more for the members and the communities we serve,” stated Jed A. Meyer, president and CEO of St. Cloud Financial Credit Union, in a statement.
St. Cloud Financial said it has now completed two mergers in the past four years and more than doubled its growth.
“We are proud that Starcor chose us as their merger partner. Both organizations have a solid reputation and brand developed throughout the years with intentional member and community focus,” added Meyer.
Starcor was charted in Central Minnesota in 1935 to serve employees and family members of St. Cloud Reformatory (now known as the St. Cloud Correctional Facility), later also serving the employees of Rush City Correctional Facility and their families.
Starcor’s former CEO, John Hardekopf, has been named VP-lending with St. Cloud Financial, and all former Starcor employees have joined the merged institution.
Prior to the merger, St. Cloud Financial had $202 million in assets and nearly 23,000 members.