BLOOMINGTON, Minn.–Two more Minnesota credit unions have announced plans to merge. The $92.3-million Star Choice CU and the $296.9-million SharePoint Credit Union said they are seeking to combine.
If approved by members, the merged CU will operate under the Sharepoint brand.
The merger is pending member and regulatory approval, according to a letter to members from Star Choice President and CEO Scott Olson.
‘Careful Consideration’
“This decision was made after careful consideration and evaluation of various options, and considering the future of the banking industry,” Star Choice President and CEO Scott Olson said in a letter to members. “The Star Choice board of directors believe this merger will be highly beneficial, as both organizations share similar cultures and values.”
Plans call for SharePoint CEO Phillip Kopischke to lead the merged credit union, while Olson will become EVP and oversee integration and asset/liability management, according to a statement on Star Choice’s website.
Mid-Year Loss Reported
Star Choice, which has 6,200 members, reported a mid-year loss of $161,874, with capital of 7.29%. SharePoint, which has 21,465 members, posted $289,177 in net income and capital of 11.45% as of the same date.
The merger announcement follows by a week a similar merger being planned by two of Minnesota’s largest CUs, the $2.192 billion SPIRE Credit Union and the $1.748-billion Hiway Credit Union.
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