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SharePoint Credit Union and Star Choice Credit Union, both headquartered in the south Minneapolis suburb of Bloomington, Minn., announced plans to merge the two credit unions by early 2024.
According to details of the merger announcement released on Aug. 3, Star Choice ($92 million in assets, 6,254 members) will merge into SharePoint ($296 million in assets, 21,465 members) once approved by regulators and a membership vote yet to be scheduled.
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A statement posted on the SharePoint website said, "This decision was made after careful consideration and evaluation of various options, and considering the future of the banking industry. Because organizations share similar cultures and values, the board of directors felt a merger was beneficial to both credit unions.
If approved, the combined credit union will serve roughly 30,000 members and have seven branches located across the western metro area of Minneapolis-St. Paul. Officials expect this merger to better position the combined credit union "to expand access, products and technology offerings."
SharePoint President/CEO Phillip Kopischke said, "Both our credit unions have a loyal membership that appreciates the personal service we have provided over the years. None of that will change with this combination."
Star Choice CEO Scott Olson added, "This combination gives our membership six new locations, business banking services and a full first mortgage offering. We are so excited to see this partnership come together."
According to SharePoint, Kopischke will remain president/CEO of the combined credit union, while Olson will take over integration and asset and liability management, as well as the transition details.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
