Another 2 Minnesota credit unions announce plans to merge
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Two more longtime Minnesota credit unions have announced plans to merge — the latest in the industry’s ongoing consolidation.
Officials with SharePoint Credit Union and Star Choice Credit Union, with branches in the Twin Cities metro area, say they aim to combine early next year pending approval from regulators and members.
The combined credit union would be headed by current SharePoint CEO Phillip Kopischke and use the SharePoint name, but could eventually be renamed. Star Choice CEO Scott Olson would serve as executive vice president of the combined operation.
Star Choice officials “believe this merger will be highly beneficial, as both organizations share similar cultures and values. Our objective is to strengthen the overall value of the membership by offering improved personal service, a broader array of products and services, and greater convenience,” Olson wrote in a letter to members.
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It’s the second planned Minnesota credit union merger announced in recent weeks. Spire and Hiway credit unions are moving toward a merger that would make them the fourth-largest credit union in the state.
SharePoint dates back to 1933 and was originally chartered to serve Red Owl grocery store employees and still serves workers at Lunds and Byerlys, Kowalski’s, Jerry’s and Cub Foods, and dozens of other companies. It has about 22,000 members and about $300 million in assets. SharePoint has a half-dozen branches in the Twin Cities metro area — in Andover, Bloomington, Burnsville, Medina, Plymouth and St. Louis Park.
Star Choice, founded in 1931, originally served employees of the Minneapolis Star newspaper. It has a little over 6,000 members and more than $90 million in assets.
The credit unions say they plan to keep all branches open, and retain all employees, in the combined operation.
