Minnesota’s TopLine Federal Credit Union said Thursday it will be expanding its Twin Cities reach next month following its planned merger of the ailing $35 million Como Northtown Community CU of St. Paul.
The consolidation, still subject to regulatory approval, was effected under NCUA prodding as Como was directed to find a merger partner, officials said. Como Northtown had losses of $1.2 million for 2009 and $1 million in 2010, with 2.4% net worth.
“Like a number of other small credit unions which may be struggling, they found themselves with bad loans,” explained Harry Carter, president/CEO of TopLine, which for the first time can expand into neighboring Ramsey County, the home of St. Paul.
“We are confident that this merger with TopLine will provide expanded services, branches and ATMs for our members, and its financial resources will strengthen our credit union,” said Betsy Garcia, chair of Como Northtown.
The Como Northtown merger is the first for TopLine since 1997.
TopLine, with headquarters in Maple Grove, has branches in Brooklyn Park, Edina and Plymouth.