Merger Approved

Latest news – summer 2018

A special meeting of the members of Mill City Credit Union was held at Minneapolis Marriott West, 9960 Wayzata Blvd., St. Louis Park, Minnesota, on June 25, 2018. Members voted in support of the merger by a 79.4% majority.

We’d like to announce that we are underway with a collaborative merger with City & County Credit Union , with one mission in mind – to serve you better! Because serving our members and exceeding their expectations is our top priority, we’re excited to expand the number of credit union branches that we currently have and expand our presence throughout the Twin Cities and neighboring communities.

First of all, we want to highlight that this is a collaborative merger. Typically, mergers happen when credit unions are forced to merge by a regulatory body because one of the credit unions is under-performing. In the case of our collaborative merger, that couldn’t be further from the truth. City & County Credit Union and Mill City Credit Union are safe and sound and have been successfully serving members for over 90 and 83 years respectively.

So what does this mean for Mill City members? We recognize that Mill City members appreciate their credit union. Collaboration means that each credit union can learn from each other and implement best practices. The management teams of each credit union see the outcome being a stronger credit union. We will continue to evaluate new and emerging technologies to ensure accessing your money is easy from anywhere you choose. As the businesses and processes are combined, know that every effort will be made to maintain current member numbers and minimize the amount of work you need to do to continue established payments and deposits.

At the meeting

After a presentation by the Mill City Board Chair, the CEO of each credit union spoke and answered questions of those in attendance. The following resolution was then voted on

“RESOLVED that the members of Mill City, a credit union organized under the laws of the State of Minnesota, with its principal place of business at 10653 Wayzata Blvd., Minnetonka, Minnesota do hereby authorize the board of directors to execute an agreement of merger with City & County Credit Union (successor credit union), and which agreement shall be subject to the approval of the Commissioner of Commerce in accordance with Minnesota Statute, Section 52.203."

Voting Results

A 66 2/3% majority of those in attendance was required. By a 79.4% majority, the members voted in support of the merger.