Troubled Northtown Community CU Merges Into Minnesota Giant Affinity Plus FCU
ST. PAUL, Minn. – Como Northtown Community CU, an ailing one-time $41 million credit union, said its board has approved a merger with Affinity Plus FCU, the state’s second-largest credit union with $1.3 billion in assets, as credit unions in the Twin Cities continue their consolidation.
Como Northtown, a one-time railroad workers credit union, is the latest Twin Cities troubled credit union to seek a merger-mate, following City-County FCU and Highgrove Community CU, both of which merged into Wings Financial CU, the state’s biggest credit union, in recent months.
Como Northtown reported a loss of $1.2 million for 2009 and a loss of $150,000 for the first six months of 2010, while net worth slid under 5%, to 4.8%, and assets declined to $36 million.
The merger needs to be approved by state and federal regulators as well as the members of Como Northtown before it is finalized.