Another Big CU Merger In Minnesota
APPLE VALLEY, Minn. – In the latest mega-merger, Wings Financial CU, the state’s biggest credit union that is currently in the process of absorbing nearby Highgrove Community FCU, said today it has agreed to acquire City-County FCU, Minnesota’s eighth-largest credit union, with $350 million in assets.
Both credit unions being acquired by the $2.7 billion Wings Financial have reported big losses the past two years, with St. Paul-based City-County FCU losing $4.3 million in 2009.
The latest merger into the one-time airline industry credit union has received preliminary approval from both the NCUA and Minnesota's Department of Commerce which supervises state-chartered credit unions. The merger will be finalized later this summer.
Wings Financial was chartered in 1938 to serve employees of Northwest Airlines, then became the first credit union in the country to expand to serve all air transportation workers in 2003, before converting to a state charter last year serving more than three millions residents surrounding the Twin-Cities.