Firefly Credit Union and TruStone Financial Federal Credit Union Jointly Announce their Intent to Merge
May 05, 2020
MINNEAPOLIS – Firefly Credit Union and TruStone Financial have announced their intent to merge subject to regulatory approval and a member vote.
The combined entity will operate under the TruStone Financial name and will serve 190,000+ members with a branch network of 23-locations across Minnesota and southeast Wisconsin. This merger represents a true collaborative partnership between two financially-healthy, industry-leading credit unions committed to providing their members with unparalleled access and service. Combined the organization would have assets of $3+ billion. The phrase “better together” is a perfect adage for this merger. At its core, the merger would provide members of both institutions with more access and more value. The credit union would be better equipped to expand its product and service line, branch network, and technology offerings.
The combined organization would become the second largest credit union in Minnesota, and one of the top 100 in the United States. Dale Turner, President/CEO of Firefly states, “I couldn’t be more excited about this merger. After much consideration and a lot of hard work, the Board of Directors and I can say with confidence that 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 goes on to say, “This merger would result in nearly 80% of our Twin Cities’ membership living within five miles of a branch location - and that’s just one of several reasons I am passionate about this partnership.”
Tim Bosiacki, CEO of TruStone Financial says, “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.” Bosiacki goes on to say, “Together we would increase our presence across Minnesota and southeast Wisconsin resulting in more access for our combined membership. Simply put, this merger is a win-win.”
It is planned that Turner will take over as President/CEO of the new organization. Bosiacki will retire upon completion of the merger.
More information, including FAQs regarding the merger can be found on both TruStone Financial’s and Firefly Credit Union’s websites (trustonefinancial.org/bettertogether and fireflycu.org/bettertogether).
TruStone Financial Federal Credit Union
TruStone Financial is a full-service credit union that has been working to improve the financial well-being of its members for more than 80 years. Founded by a group of eight Minneapolis teachers in 1939, the credit union strives to teach its members healthy financial habits, and to offer simple, convenient tools and great rates to help them reach their goals. TruStone Financial has 14 branches across Minnesota and Wisconsin with assets of nearly $1.6 billion as of December 31, 2019. TruStone serves 107,488 members and employs approximately 330 team members. TruStone was named one of the 50 Best-performing US credit unions of 2019 by S&P Global Market Intelligence.
Firefly Credit Union
Firefly Credit Union is Minnesota’s first member-owned, not-for-profit financial cooperative, founded in 1925 by Minneapolis postal employees. Today, Firefly serves members in the Greater Twin Cities CommunitySM by fulfilling their mission to inspire members to achieve lifelong financial well-being. Firefly earned the Best-In-State Credit Union designation by Forbes Magazine and the Star Tribune’s Top Workplaces designation in 2019. Firefly has 9 branches in the Twin Cities with assets of $1.4 billion. They serve over 83,000 members and employ approximately 270 team members.