Proposed Merger of TopLine Financial Credit Union and Anoka Hennepin Credit Union
Proposed Merger
The proposed merger between TopLine Financial Credit Union and Anoka Hennepin Credit Union received preliminary approval by state regulator, the Minnesota Department of Commerce, and federal regulator, the National Credit Union Administration (NCUA), pending Anoka Hennepin Credit Union's membership vote.
Anoka Hennepin Credit Union will be sending notification and official ballots to their membership, who will ultimately vote on the merger in a Special Member's Meeting to be held the end of June. If Anoka Hennepin Credit Union members vote to approve, then formal approval will be granted by state and federal regulators, with anticipated legal merger effective the summer of 2024.
Please note: TopLine members do not vote on the merger.
Financially Sound & Member Benefits
Both credit unions are financially sound, with strong capital ratios over 9%. The proposed merger will result in an even stronger credit union with 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 credit union member-owners, such as competitive rates, free services, advanced technology and additional community philanthropy efforts.
A Division Of TopLine
If approved, the combined credit union will be $1.1 billion in assets and operate under the TopLine Financial Credit Union and Anoka Hennepin Credit Union, a division of TopLine Finanial Credit Union, for one-year from effective merger date, and thereafter will roll under the TopLine Financial Credit Union brand.
Together, the credit union's will combine their boards and management teams, and all 180 employees will be retained to serve nearly 70,000 members from 11 branch locations in 15 counties aross the metro and northern suburbs of Minneapolis/St. Paul.
Mick Olson will serve as President and CEO of TopLine Financial Credit Union. Jeff Claussen will serve as President and CEO of Anoka Hennepin Credit Union, a division of TopLine Financial Credit Union until his retirement. Thereafter, Mick Olson will serve as President and CEO for the continuing credit union.
"Our shared vision and passion of helping members financially succeed and supporting the betterment of communities will remain a core commitment, driven by our comparable values and purpose of supporting financial well-being for all."
– Mick Olson, TopLine Financial Credit Union, President & CEO
Thank you!
Thank you for being a member-owner and part of our TopLine family! We look forward to continue to help you with all of your financial needs. We will continue to update you on our progress.
Please contact TopLine at 763-391-9494 or Ask@TopLinecu.com if you have any questions.
Press Release About Anoka Hennepin Credit Union