Coon Rapids, Minn.-based Anoka Hennepin Credit Union plans to merge with Maple Grove, Minn.-based TopLine Financial Credit Union this summer.
The deal has been approved by the Minnesota Department of Commerce and National Credit Union Administration. Anoka Hennepin members will vote on the merger during a meeting in late June. The deal is expected to be legally effective this summer, at which point Anoka Hennepin will serve as a division of TopLine Federal Credit Union.
The $830 million TopLine serves more than 51,000 members in the Twin CIties suburbs of Bloomington, Brooklyn Park, Maple Grove, Plymouth and in St. Paul’s Como Park neighborhood. The $280 million Anoka Hennepin Credit Union serves more than 18,500 members in the northern Twin Cities suburbs of Champlin, Circle Pines, Coon Rapids, Forest Lake and St. Francis.
Both CUs are state-chartered and serve employees of the education and telecommunications sectors. They will operate under their current names for one year following the effective merger date, after which they will roll under the TopLine Financial brand. The CUs will combine boards and management teams, and all 180 employees are expected to be retained. TopLine President and CEO Mick Olson will continue in his positions. Anoka Hennepin Credit Union President and CEO Jeff Claussen will serve in his role until he retires, at which point Olson will assume the roles of president and CEO for the combined CU.
Claussen said the merger will allow Anoka Hennepin members to access additional mortgage and small business services along with an expanded network of branches. Both CUs have capital ratios of more than 9 percent, according to a press release.
“The proposed merger will result 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 credit union member-owners, such as competitive rates, free services, advanced technology and additional community philanthropy efforts,” according to the release.