Members of Hopkins, Minn.-based Peoples Community CU have approved a merger with SPIRE Credit Union.
The merger received a 95 percent approval from PCCU’s voting members, and became effective July 1. The credit union will pay a special $400,000 dividend back to its member owners as a result of the merger.
Peoples Community was founded in 1939 and serves more than 2,700 members with nearly $22 million in assets.
“To maintain and grow the long-term value for the Peoples Community Credit Union membership, the leadership recognized the need to enter into a partnership with SPIRE,” PCCU President Rosmarie Kuretich said in a statement. “This partnership is a win for everybody.”
SPIRE President and CEO Dan Stolz said more products and services will be available to the members of Peoples Community as a result of the merger, which “will bring countless opportunities to the PCCU members.”
People Community’s most recent call report shows a net income of more than $88,000 for 2016 and more than $34,000 during the first quarter of 2017.
