Hiway Credit Union & SPIRE Credit Union proposed merger approved by NCUA
ST. PAUL, MN (August 1, 2023) — Two of Minnesota’s largest credit unions, Hiway Credit Union and SPIRE Credit Union, are seeking to merge. Both organizations’ Boards of Directors, CEOs and leadership teams unanimously support this partnership. The NCUA has approved the organizations’ proposal for Hiway to join SPIRE’s more expansive community charter, and the proposal will now move to Hiway’s 90,000+ members to approve.
As both are financially secure, similar in size, and share many values, the alliance is considered a merger-of-equals. 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, making it Minnesota’s fourth-largest credit union. 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.”
Both organizations have similar Depression-era roots, and both have made community support a top priority, providing both dollars and volunteer hours to community causes, including youth education and job experience through the city of St. Paul’s Right Track program, addressing basic needs such as food and shelter via organizations like Second Harvest and Feed My Starving Children, supporting veteran and military organizations including Beyond the Yellow Ribbon, and many more. Both credit unions have been longtime, strong backers of Gillette Children’s Hospital, and have offered financial literacy programs through organizations like Junior Achievement and Best Prep, as well as educational presentations for students, employee groups, and nonprofits. In addition, both Hiway and SPIRE provide employees with paid time off to volunteer for causes they are personally passionate about. All told, since 2020, Hiway and SPIRE combined have provided more than $5 million in numerous community give-back initiatives.
“Combining Hiway and SPIRE’s significant charitable efforts will make for a powerful force for good,” said Boden.
“Our goal is to become the best credit union in the Midwest, by providing the absolute best service,” added Stoltz. “Together, with everything both credit unions bring to the table, we know we can get there.”
The Hiway member meeting vote is set for September 13, 2023. If approved, the effective date of the merger would be January 1, 2024.
About Hiway Credit Union
Hiway Credit Union was founded in 1931 to serve the employees of the Minnesota Highway Department. Today, Hiway serves an expanded member base, with more than 90,000 members in Minnesota and nationwide, registers $1.8 billion in assets and welcomes new membership from individuals and businesses. Hiway offers its members unparalleled service and value on the road of life through lower loan rates, higher savings rates, and fewer and lower fees. Hiway operates four high school branches at Como, Harding, Highland, and Johnson High Schools in St. Paul. For more information about Hiway, visit hiway.org.
ABOUT SPIRE CREDIT UNION
SPIRE is a full-service financial institution, proudly serving Minnesota and Wisconsin residents since 1934. SPIRE is committed to providing smart products, great rates and excellent service with a goal to improve the financial lives of over 157,000 personal and business members. SPIRE has 22 branches throughout Minnesota with a total asset size over $2.1 billion. To learn more about SPIRE, please visit myspire.com.