Wings Financial Shuts Down Accounts to Manage Growth
The $2.5 billion Wings Financial Credit Union said it has temporarily discontinued several deposit accounts to keep tabs on its growth.
Effective Feb. 10, the Apple Valley, Minn.-based cooperative discontinued the opening of new certificates less than two years, its world class money market account and investment money market account. The discontinuation will continue until further notice, according to the CU. Wings Financial said members with the accounts can roll over maturing certificates at the same term and effective rate at the time but cannot add to their balance.
"Wings Financial enjoyed another successful year in 2009-while we watched many banks and credit unions realize massive losses or even go out of business," the CU said on its Web site (www.wingsfinancial.com). "So far in 2010, we're on track to another year of rapid growth. To remain healthy, Wings needs to slow that growth down."
The CU acknowledged "growth is good for Wings' long-term stability, However, we must ensure that our growth is sustainable. These temporary adjustments to our deposit product offerings merely ensure that we continue prudently managing Wings Financial."
According to NCUA call report data, as of December 2009, Wings Financial had nearly 310,000 share and deposit accounts totaling $2.1 billion. Money market shares totaled $578 million for the same period compared to $521 million in September 2009. Share certificates totaled $806 million in December and $705 million in September.