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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
