Merger Of Troubled CU Accelerates Consolidation Of Twin Cities CUs
MAPLE GROVE, Minn. – NCUA and Minnesota regulators approved the merger of ailing Como Northtown Community CU into TopLine FCU, marking the continuing shake-out among the state’s credit unions.
Como Northtown, a one-time $41 million credit union, had a $1.2 million loss in 2009 and a $1 million loss last year, as its net worth declined to just 2.4%.
The merger of the one-time railroad workers credit union comes six months after a deal to combine the St. Paul institution with Affinity Plus FCU fell apart.
The $270 million TopLine had a $275,000 loss for each of the past two years, due to NCUA assessments, but has strong capital of 10.5%.
The Twin Cities twinning follows recent combinations of Wings Financial CU with two ailing credit unions, Highgrove Community FCU and City & County CU, and Edina-based REAL Financial CU into Wisconsin’s Royal CU.