Firefly Credit Union, Burnsville, Minn., and TruStone Financial, a credit union based in Plymouth, Minn., announced their intention to merge.
Firefly will operate under the TruStone Financial name, and the combined credit unions will have more than 190,000 members, 23 locations in Minnesota and Wisconsin, and have assets of more than $3 billion.
TruStone was founded in 1939 by eight Minneapolis teachers with the intent to teach members healthy financial habits, and Firefly was founded in 1925 by Minneapolis postal employees.
Once the merger is completed, upon regulatory approval and a member vote, the combined organization would become the second largest credit union in Minnesota, and one of the top 100 largest in the United States.
“This merger is a true strategic partnership, one highlighted by the fact that we’re working collaboratively to determine best practices for the combined organization,” said Tim Bosiacki, current CEO of TruStone Financial. “Together we would increase our presence across Minnesota and southeast Wisconsin resulting in more access for our combined membership.”
Bosiacki will retire upon completion of the merger, and Dale Turner, president and CEO of Firefly, will take his place.
“This merger would provide a tremendous amount of value to our members, more opportunity for our employees, and would allow us to make a bigger impact on the communities we serve,” Turner said.