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CU System
City-County FCU to be absorbed by Wings Financial
MINNEAPOLIS (7/27/10)--City-County FCU, Minneapolis, will be acquired by Wings Financial CU, Apple Valley, Minn., according to local media reports. City-County has seven branches in Hennepin County, Minn., and $466 million in assets. The credit union has been enduring some financial hardships, said The Star Tribune (July 21). City-County’s net worth was 2.98% at the end of March, according to National Credit Union Administration call reports the newspaper cited. Wings Financial has $2.5 billion in assets and 19 branches, with eight in Minneapolis and St. Paul, Minn. The credit union anticipates it will keep about two-thirds of City-County’s 145 employees, Wings CEO Paul Parish told the newspaper. At the end of June, Wings also announced it was merging with Highgrove CU, a $37-million-asset credit union in St. Paul. The two mergers give Wings Financial a larger presence in the Minneapolis-St. Paul areas, the Tribune added.


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