The Twin Cities twinning follows recent combinations of Affinity Plus CU with troubled Northtown Community CU, and of Wings Financial CU with two ailing credit unions, Highgrove Community FCU and City & County CU.MAPLE GROVE, Minn. – TopLine FCU has agreed to acquire troubled Como Northtown Community CU in the latest merger remaking the credit union market in the Twin Cities, the two credit unions announced this afternoon.
Como Northtown Community is a one-time $41 million credit union that had losses of $1.2 million for 2009 and $1 million for 2010, depleting its net worth to just 2.4% at year-end. The $270 million TopLine itself had a $275,000 loss for each of the past two years, due to NCUA assessments, but has strong capital of 10.5%.
The merger is expected to become effective on April 1, 2011. Signage changes will be made shortly thereafter with the full conversion being completed later this year.
The Twin Cities twinning follows recent combinations of Affinity Plus CU with troubled Northtown Community CU, and of Wings Financial CU with two ailing credit unions, Highgrove Community FCU and City & County CU.
