The merger of two St. Paul, Minn., credit unions, Fort Snelling Federal Credit Union and Hiway Federal Credit Union became official at the beginning of April. The two credit unions retained the Hiway name.
"We looked to align ourselves with another credit union to create a stronger, sustainable financial organization," said Diane Menton, Fort Snelling president/CEO.
According to NCUA data, the $34 million Fort Snelling saw a jump in overall loan delinquencies in 2008. In December 2007 Fort Snelling had $1.6 million in total delinquent loans, and it had $2.9 million in total delinquent loans in December 2008. Delinquent unsecured credit card loans jumped from 6.49% in December 2007 to 10.86% in December 2008.
Fort Snelling served government employees and their families, military and nonmilitary personnel, and federal employees working at the Fort Snelling base, the VA Medical Center and the Bishop Henry Whipple Federal Building. Hiway serves federal, state and local government agencies.
--lsiegriest@cutimes.com
"We looked to align ourselves with another credit union to create a stronger, sustainable financial organization," said Diane Menton, Fort Snelling president/CEO.
According to NCUA data, the $34 million Fort Snelling saw a jump in overall loan delinquencies in 2008. In December 2007 Fort Snelling had $1.6 million in total delinquent loans, and it had $2.9 million in total delinquent loans in December 2008. Delinquent unsecured credit card loans jumped from 6.49% in December 2007 to 10.86% in December 2008.
Fort Snelling served government employees and their families, military and nonmilitary personnel, and federal employees working at the Fort Snelling base, the VA Medical Center and the Bishop Henry Whipple Federal Building. Hiway serves federal, state and local government agencies.
--lsiegriest@cutimes.com
