APPLE VALLEY, Minn. – Wings Financial CU, the state’s largest credit union, said yesterday it has agreed to acquire Highgrove Community FCU, a troubled one-time $42 million credit union.
Highgrove Community, which operates a single branch in St. Paul, had a 2009 loss of $2.2 million and net worth of just 4.7% as of March 31.
The $2.7 billion Wings Financial, which started as the credit union for Northwest Airlines, has a hybrid charter that allows it to serve the entire air transportation industry and a broad community field of membership surrounding the Twin Cities.
Highgrove Community’s lone St. Paul location will remain open and will be remodeled to match Wings Financial’s other branch locations in the Twin Cities. Wings Financial said the location is convenient to many of its members who live, work or shop in St. Paul.
