Growth strategies

GMCU To Merge With SPIRE

By Ray Birch June 27, 2014, 9:31 a.m. EDT 1 Min Read

MORA, Minn. — Members of Greater Minnesota CU here have approved a merger with SPIRE CU, which will be the continuing credit union.

In June, GMCU announced that CEO Steve Ahlness will retire July 1, after leading the CU for 37 years, and that the $150 million credit union was exploring a partnership with the $627 million SPIRE in Falcon Heights, Minn.

SPIRE President and CEO Dan Stoltz said the merger will improve economies of scale and benefit members of both shops.

"With increasing regulatory demands, a compressed rate environment and a still-challenging economy, this merger, and the resulting operating efficiencies, will ensure that our members continue to enjoy some of Minnesota's lowest loan rates, higher-than-average deposit rates and many free and low-cost services," said Stoltz in a published report.

According to Stoltz, all branches will remain operating and no staff will lose their jobs.

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