The $41 million Highgrove Community Federal Credit Union and the $2.7 billion Wings Financial Credit Union have reached an agreement to merge operations.
The merger has received preliminary approval by the NCUA and the Minnesota Department of Commerce, according to Wings Financial in Apple Valley, Minn. The two credit unions expect to combine operations over the coming months. Highgrove's single location in St. Paul, Minn. will remain open and will be remodeled to match Wings Financial's other branch locations in the Twin Cities.
Founded in 1947 as the Ford Employees Federal Credit Union to serve employees of the Ford Assembly Plan in St. Paul, in the 1960's, its name was changed to Twin Cities Auto Employees Federal Credit Union to reflect its growing field of membership. The CU converted to a community-based institution in December 1992 and changed its name to Highgrove. Since then, the FOM has expanded a number of times, culminating in 2007 when it grew to include all of St. Paul.
Highgrove serves nearly 8,600 while Wings Financial has more than 126,000 members.