Lake State Credit Union to merge with Members Cooperative Credit Union
CLOQUET, MN (May 29, 2015) — Members Cooperative Credit Union (MCCU) and Lake State Credit Union (LSCU) are excited to announce their merger, effective July 1, 2015. The merger was approved by state and federal regulators and by a vote of the Lake State Credit Union membership on May 28, 2015.
The merged credit union will continue doing business as Members Cooperative Credit Union, with combined assets exceeding $600 million. The merger is a proactive step by both credit unions to build a stronger cooperative organization of over 48,000 members. The merger will also allow for enhanced products and services and an increased geographical reach across Minnesota.
“Lake State’s board and members recognized that this is a very positive step for our credit union and membership,” said Tim Smith, current President and CEO of Lake State Credit Union, who will remain with the credit union through the transition and then take retirement, “Joining with MCCU will allow us to serve our members better, which is the cornerstone of our cooperative mission.”
Lake State has branches in downtown Duluth, Moose Lake, Hinckley, Sandstone, Isanti and North Branch. MCCU has locations in Aitkin, McGregor, Cloquet, and in the Spirit Valley, Miller Hill and Woodland neighborhoods of Duluth. The organization celebrated the opening of new branches in the Miller Hill and Woodland (BlueStone) locations, in the first half of 2015.
“We are pleased and excited to be expanding our credit union family,” said Tammy Heikkinen, President and CEO of MCCU, “we recognized that the merger would bring together two strong, philosophically aligned organizations, and all our members would benefit from that union.”
About Members Cooperative Credit Union
MCCU offers local service, smart financial products and dynamic education programs to the Duluth, Cloquet, Aitkin, and McGregor areas. MCCU has been uniting communities since 1936 and serving its member/owners with more locations than any other credit union in the region. For more information on MCCU, visit www.membersccu.org or call 218-625-8500.
About Lake State Credit Union
Lake State Credit Union was founded on a vision of people helping people improve their lives. This cooperative philosophy has sustained them since 1939, resulting in the credit union’s growth to over 18,000 members. Lake State works to provide members with convenient and efficient financial services and strives to be their life-long financial institution.