SPIRE, Hiway Merging Creating Minnesota’s 4th Largest Credit Union
ST. PAUL (WJON News) -- Two of Minnesota's largest credit unions are merging. Hiway Credit Union members voted to approve the merger with SPIRE Credit Union.
More than 80 percent of the voting Hiway members approved the merger. There will be a newly named and branded combined credit union, which will become the fourth largest in Minnesota.
The legal date of the merger is January 1st, 2024.
Because both Hiway and SPIRE are financially secure, similar in size, and share many values it is considered a merge-of-equals.
They say all employees from both credit unions will be retained, and all 26 existing branch locations will remain open.
The newly combined credit union will serve about 250,000 members and employ more than 600 people.
Hiway Credit Union was founded in 1931 to serve employees of the Minnesota Highway Department. Today it serves an expanded member base with over 90,000 members. SPIRE has been serving Minnesota and Wisconsin since 1934.
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