Anoka Hennepin Credit Union Members Vote to Merge With TopLine Financial Credit Union
10 Julio 2024 - 9:15AM
TopLine Financial Credit Union and Anoka Hennepin Credit Union,
both Twin Cities-based member-owned financial services
cooperatives, are proud to jointly announce the successful merger
of their credit unions. Anoka Hennepin Credit Union members will
join the TopLine family of members as of August 1, 2024. Joining
forces marks a significant milestone in the history of both credit
unions and pledges to enhance member convenience, commitment to
financial wellness, and expand community impact. The merger makes
TopLine the 9th largest credit union in Minnesota, with over $1.1
billion in assets.
Anoka Hennepin Credit Union held their Special Members’ Meeting
on June 27, 2024, where 1,037 members cast their vote, with the
majority voting in favor to combine the two credit unions, and
formal approval will be granted by state regulator, the Minnesota
Department of Commerce, and federal regulator, the National Credit
Union Administration (NCUA), with legal merger effective as of
August 1, 2024. Earlier this year, both credit unions’ Board of
Directors and leadership teams collectively supported the merger as
it provides opportunity to serve a broader community with the
ability to provide financial services access to more consumers
throughout the metro and northern suburbs of Minneapolis/St.
Paul.
Aimed at benefiting members of both credit unions, the merger
has been designed to provide access to enhanced financial services,
digital banking technology, and an expanded branch and ATM network.
With strong capital ratios over 9%, the merger results in an even
stronger credit union with a greater capital base for growth,
expanded market share, and an increase in economies of scale that
will lower operating costs leading to overall benefits to all
credit union member-owners, such as competitive rates, advanced
technology, free financial education services and community
philanthropy efforts.
The newly combined credit union will be $1.1 billion in assets
and will operate under the TopLine Financial Credit Union and Anoka
Hennepin Credit Union, a division of TopLine Financial Credit
Union, for one-year, and thereafter will roll under the TopLine
Financial Credit Union brand. All 180 employees will be retained to
serve nearly 70,000 members from 10 branch locations in 15 counties
across the metro and northern suburbs of Minneapolis/St. Paul.
Mick Olson, current President and CEO of TopLine, will serve as
President and CEO of TopLine Financial Credit Union. Jeff Claussen,
current President and CEO of Anoka Hennepin Credit Union, will
serve as President of Anoka Hennepin Credit Union, A Division of
TopLine Financial Credit Union until his retirement. Thereafter,
Mick Olson will serve as President and CEO.
“The merger will provide additional benefits for all members,
employees and communities and we're thrilled to welcome those from
Anoka Hennepin Credit Union to our TopLine family,” said Mick
Olson, President and CEO of TopLine Financial Credit Union. “Our
shared vision and passion of helping members financially succeed
and supporting the betterment of communities will remain a core
commitment. Together, based on our shared values of trust, respect,
integrity, and ownership, we will continue to build on our promise
to be a trusted member-owned financial services cooperative and our
members’ financial partner for life.”
“Anoka Hennepin Board of Directors, members and our entire team
are extremely excited about the opportunities this merger will
bring to our members and employees,” said Jeff Claussen, President
and CEO of Anoka Hennepin Credit Union. “We look forward to
providing Anoka Hennepin members with even greater convenience and
a broader range of financial products and services to help members
achieve their financial goals.”
More information about the merger can be found on both Anoka
Hennepin and TopLine websites.
TopLine Financial Credit Union, a Twin Cities-based credit
union, will be Minnesota’s 9th largest credit union, with assets of
over $1.1 billion and serve over 70,000 members. Established in
1935, the not-for-profit financial cooperative offers a complete
line of financial services from its ten branch locations — in
Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids,
Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s
Como Park — as well as by phone and online at www.TopLinecu.com or
www.ahcu.coop. Membership is available to anyone who
lives, works, worships, attends school or volunteers in Anoka,
Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille
Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright
counties in Minnesota and their immediate family members, as well
as employees and retirees of Anoka Hennepin School District #11,
Anoka Technical College, Federal Premium Ammunition, Hoffman
Enclosures, Inc., GRACO, Inc., and their subsidiaries.
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CONTACTS: |
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Vicki Roscoe Erickson |
Nicole Hesley |
SVP & Chief Marketing Officer |
VP Marketing & Business Development |
TopLine Financial Credit Union |
Anoka Hennepin Credit Union |
verickson@toplinecu.com | 763.391.0872 |
nicole.hesley@ahcu.coop | 763.253.2785 |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e06e705a-c2d0-4614-b62d-7237b2957001