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NCUA Approves Proposal to Merge Spire and Hiway Credit Unions

The NCUA has approved a proposal to merge Spire Credit Union and Hiway Credit Union, which could make them Minnesota's fourth-largest credit union.

According to a press release, both organizations’ Boards of Directors, CEOs, and leadership teams unanimously support this partnership.

If approved, Hiway and SPIRE will combine their boards and management teams, and the credit unions’ 600+ employees will be retained. SPIRE President/CEO Dan Stoltz will take the role of CEO, and Hiway President/CEO Dave Boden will become the new organization’s President.

In addition, a new entity, with a new name and brand, will be created.

“We’re proud to bring together two already strong credit unions for the betterment of all involved: our members, our people, and our communities,” said Boden.

The new, combined credit union will boast assets of nearly $4 billion and serve approximately 250,000 members. All 26 branches, covering the core Twin Cities metro and reaching as far west as St. Cloud and as far north as Keewatin, will remain in operation.

“With the expanded branch network, and to meet the needs of a larger organization, we’re excited to be able to offer potential new opportunities to our people,” said Stoltz. “What’s more, our members will be able to conduct their business in different ways, with some of our branches offering a more tech-forward experience with Interactive Teller Machines (ITMs), and many offering the more traditional teller line.”

The Hiway member meeting vote is set for September 13, 2023. If approved, the effective date of the merger would be January 1, 2024.

From L to R: SPIRE Credit Union President/CEO Dan Stoltz and Hiway Credit Union President/CEO Dave Boden. Photo credit: SPIRE Credit Union.

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