TruStone Financial FCU Acquires Ukrainian CU, Furthering Twin Cities Shakeout
MINNEAPOLIS – TruStone Financial FCU, based in nearby Plymouth, has agreed to merge into it troubled Ukrainian CU, as the credit union market in the Twin Cities continues its consolidation.
Ukrainian CU is a one-time $8 million credit union that has reported losses in each of the last 11 quarters, as its net worth ratio declined to 6%.
TruStone is a $665 million credit union with 9.8% net worth.
The deal follows recent mergers of ailing Como Northtown Community CU into TopLine FCU; Wings Financial CU with two ailing credit unions, Highgrove Community FCU and City & County CU; and, Edina-based REAL Financial CU into Wisconsin’s Royal CU.