Minnesota CU Is First To StateTIP

MINNEAPOLIS - (12/02/04) -- The Star Tribune Employees CU, oneof the few single-sponsor credit unions, is believed to be thefirst state chartered credit union to receive approval for a TIP(tradewide, industrywide or professionwide) charter pioneered byNCUA. State regulators said they have approved the $38 millioncredit union's application for a TIP charter serving all peopleworking in the information media profession throughout the state ofMinnesota, about 3,000 companies. Credit union officials said adeclining membership base at their chief sponsor, one of theregion's two main daily newspapers, prompted the move to anexpanded field of membership offered by the new charter. The creditunion has lost about 500 members over the last two years and nowhas 6,000 members. Eight federal charters have been approved forTIP charters by NCUA.