Wings Financial Federal Credit Union has asked its members to vote on converting to a state-chartered credit union because of concerns it has with a significant drop in employment in the air transportation industry.
In an online letter (www.wingsfinancial.com) the $2.1 billion Apple Valley, Minn.-based credit union said employment in the air transportation industry is down 24% since 2001. Wings Financial said by converting to a state charter, it would open membership up to the 13 county Minneapolis/St. Paul, Minnesota area. Nearly 50% of its members live or work in the two metropolitan regions. Wings Financial was chartered in 1938 to serve Northwest Airlines.
The credit union said having a state charter would also allow it to retain its trade, industry and profession charter obtained in 2004 that permits it to serve the entire air transportation industry.
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Wings Financial mailed out ballots to members during the week of Aug. 10, which are due back by Aug. 27. Two-thirds of the credit union's 123,000 members would have to approve converting to a state charter.
In March 2007, Wings Financial attempted an unprecedented takeover of $182 million Continental Federal Credit Union. The NCUA ended Wings Financial's merger attempt in April 2007 when it ruled that $200 payments being offered by the credit union to Continental members to approve the merger were impermissible under the Federal Credit Union Act.
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