Wings Financial Merger
The $2.7 billion Wings Financial Credit Union has announced merger plans for the second time this summer, 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 July 20. 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.
"Our members will benefit from stronger networks of branches and fee-free ATM locations across the Twin Cities and by expanded growth opportunities," said Paul Parish, president/CEO of Wings Financial.
Jon Seeman, president of City-County FCU, said "Wings Financial and City-County share the same values. We both have our roots deep in the Twin Cities and we understand the importance of serving both our members and the communities they live and work in."?
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.