Since June 2008, the membership growth rate at the $2 billion Wings Financial Federal Credit Union has been on a steady decline providing more possible proof for the financial institution wanting to convert to a state charter.
According to June 30 NCUA financial performance data, the Apple Valley, Minn.-based credit union had 4.08% membership growth as of June 2008. The percentage went up to 4.22% in September 2008 but then dropped to 3.88% in December of that year. This year, Wings Financial's membership growth continued to decrease at 1.06% in March 2009, which was behind its peer average of 3.90%. In June, the credit union's slide continued on at 0.72% compared to its peer average of 4.66%.
Wings Financial recently asked its 125,000 members to vote on converting to a state charter saying a 24% reduction in employment since 2001 in the air transportation industry, its core membership field, "could present challenges for Wings in the long-term." The ballots are due back by Aug. 27. The state charter would allow the cooperative to serve 13 counties in the St. Paul/Minneapolis area.
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The credit union was approved for a trade, industry and profession charter in 2004. Wings Financial spokesman John Wagner said he did not know how many members had joined since the TIP charter. However, the credit union has partnered with several carriers over the last two years and now serves employees of more than 30 airlines and nearly 100 aviation-related companies.
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