Wings Financial Preps for Another CU Merger
For the second time in a little over a month, the $2.7 billion Wings Financial Credit Union has announced merger plans, this time with the $450 million City-County Federal Credit Union.
The merger has received preliminary approval from the NCUA and Minnesota's Department of Commerce, which supervises state-chartered credit unions, Wings Financial said today. The merger is scheduled to be finalized later this summer. The combined CU will go forward under the Wings Financial name.
City-County in Brooklyn Center, Minn. serves nearly 66,000 members and has approximately 150 employees. The Apple Valley, Minn.-based Wings Financial said it will retain the majority of City-County employees after the merger. City-County operates seven branch offices in Minneapolis and its northern suburbs. Wings Financial has 300 employees and 18 branches including eight in the Twin Cities, primarily in the southern suburbs.
In June, the $41 million Highgrove Community Federal Credit Union and Wings Financial reached an agreement to merge operations. At the time of the announcement, both cooperatives had received preliminary approval from regulators to merge and were set to combine operations over the next few months.