Mid-Minnesota Federal Credit Union merges
Officials at Mid-Minnesota Federal Credit Union (MMFCU) announced that the organization has acquired approximately 500 new members through a merger with the Ashby Federal Credit Union.
MMFCU president and CEO Chuck Albrecht said the Baxter-based credit union was contacted earlier this year regarding a potential consolidation with the smaller organization.
"The board of directors from the Ashby Federal Credit Union approached us to merge their credit union into MMFCU due to the difficulty of being able to offer the services their members were requesting and the increasing compliance burden," Albrecht said.
The Ashby Federal Credit Union Board of Directors and members recently voted to approve the merger, providing approximately 500 members with access to MMFCU services and facilities, including their full-service branch in Alexandria, beginning December 1.
MMFCU is a member-owned financial cooperative serving central Minnesota. The credit union has full-service in Alexandria, Baxter, Brainerd, Little Falls, Crosby, Pequot Lakes and Staples, as well as a drive-through branch in Baxter.