Minnesota credit unions that split up 81 years ago agree to merge

SPIRE Credit Union and Midland Co-op Credit Union, which were created when Twin City Oil Co-ops Credit Union split into two organizations in 1940, plan to merge.

The $1.8 billion-asset SPIRE, of Falcon Heights, Minnesota, announced Wednesday that members of the $11.4 million-asset MCCU, of Minneapolis, voted 97.25% in favor of combining the two institutions. The merger is set to take effect on Nov. 1.

Their predecessor organization, Twin City Oil Co-ops, was founded by Midland Cooperative Oil Association employee Edgar Archer and his peers in 1934.

“We are excited to serve and welcome back the Midland Co-op members to the SPIRE family,” Dan Stoltz, SPIRE president and CEO, said in the press release. “Our partnership is a triple win: a win for our employees, a win for our communities, and most of all, a big win for our memberships.”

SPIRE recently merged with the $4.2 million-asset Central Hanna Employees Credit Union in Keewatin, Minnesota. Central Hanna employeesr voted 93.7% affirmative and the merger took effect Sept. 1.

“We chose to partner with SPIRE for several reasons,” Becky Lindman, president of MCCU, said in the press release. “They are Minnesota-based and a well-known name; offer a full suite of products, services and branch locations for our members; have continually competitive loan rates and dividends; and provide easy and free access to ATMs, as well as drive-ups. Most of all, we chose SPIRE because they care about our members and our legacy.”