How does a credit union merger work?

Typically, a merger between credit unions is structured as follows: Credit Union A assumes the assets (loans, investments, equipment, buildings, etc.) and liabilities (shares, payables, etc.) of Credit Union B .

What is the routing number for Anoka Hennepin credit union?

Bank details Bank Anoka Hennepin Credit Union Routing number 291073231 Address 3505 northdale boulevard northwestcoon rapidsMN 55448

What happens to a union during a merger?

The term “merger” refers to a changed relationship among unions whereby one union (or more) ceases to exist, and its membership and assets are absorbed by a new or an existing union .

What usually happens after a merger?

The stocks of both companies in a merger are surrendered, and new equity shares are issued for the combined entity . An acquisition is when one company takes over another company, and the acquiring company becomes the owner of the target company.

What is the history of Anoka Hennepin Credit Union?

History. Anoka Hennepin Credit Union is a state-chartered credit union. Originally chartered in 1963 as the Anoka Hennepin School District #11 Employees Credit Union, we changed our name to Anoka Hennepin Credit Union in 1993 to more accurately reflect our wide community base.

What bank has routing number 062000019?

The routing number for Regions Bank for domestic wire transfer is 62000019. The routing number for Regions Bank for international wire transfer is 61101375.

Who gets the money in a merger?

Payment in the form of the acquiring company's stock, issued to the shareholders of the acquired company at a given ratio proportional to the valuation of the latter. They receive stock in the company that is purchasing the smaller subsidiary.

How does the merger process work?

A merger, or acquisition, is when two companies combine to form one to take advantage of synergies . A merger typically occurs when one company purchases another company by buying a certain amount of its stock in exchange for its own stock.

Who gets let go in a merger?

While it is not always the case, the employees to be laid off, at least at first, are usually those of the target company . Typically, the most vulnerable jobs are those of the targeted company's CEO, CFO, senior executives, and managers. These positions are often given severance packages with their departure.

What happens to agreements after merger?

When a transaction closes, the new company will simply take over performance as the successor-in-interest to the old company. The merger agreement will already assign the rights and obligations under existing contracts to the buyer without a new, specific process for each existing agreement.

Anoka Hennepin Credit Union members vote to merge with TopLine Financial Credit Union

Anoka Hennepin and TopLine Celebrate Merger Approved by Members and Regulators

MAPLE GROVE, MN (July 10, 2024) — TopLine Financial Credit UnionandAnoka Hennepin Credit Union, both Twin Cities-based member-ownedfinancial 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 9^thlargest 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.”

About TopLine Financial Credit Union

TopLine Financial Credit Union, a Twin Cities-based credit union, will be Minnesota’s 9^thlargest 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 tenbranch 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 atwww.TopLinecu.comorwww.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.

Contacts

Vicki Roscoe Erickson
SVP & Chief Marketing Officer
TopLine Financial Credit Union
verickson@toplinecu.com | 763.391.0872

Nicole Hesley
VP Marketing & Business Development
Anoka Hennepin Credit Union
nicole.hesley@ahcu.coop| 763.253.2785

Anoka Hennepin Credit Union members vote to merge with TopLine Financial Credit Union - CUInsight (2024)

Anoka Hennepin and TopLine Celebrate Merger Approved by Members and Regulators

About TopLine Financial Credit Union

Contacts

FAQs

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Bank	Anoka Hennepin Credit Union
Routing number	291073231
Address	3505 northdale boulevard northwestcoon rapidsMN 55448