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News Now

CU System
Como Northtown Community CU seeking merger
ST. PAUL, Minn. (8/27/10)--Como Northtown Community CU in St. Paul, Minn., is looking at the possibility of merging with a larger credit union. The board of the $37 million-asset Como Northtown approved plans last week to explore a merger with Affinity Plus FCU, a $1.34 billion asset, St. Paul credit union (StarTribune.com Aug. 25). “The [Como Northern] board passed a resolution to pursue a merger for sometime in the future … maybe,” Bryan Roegge, Como Northern president/CEO, told News Now. “We’re looking to see if it’s in the best interest of our members. So far, it looks to be, but it’s far from being a done deal. “We’ve had many suitors, but chose to look at Affinity Plus, because they’re the best,” Roegge added. “In the long run, this is best for our members. They’re going to thank us.” “Our board passed a similar resolution Wednesday night to accept Como Northern’s resolution and continue with the merger process,” Kyle Markland, president/CEO of Affinity Plus, told News Now. “We still need to submit merger documentation to our respective regulators. We expect the merger to pass by year-end.” “Their brand fits in really nicely with our brand structure,” he added. “Also Como Northern’s members will have 23 additional locations to go to for their financial needs.” Como Northern began receiving phone calls about six months ago from other credit unions that were interested in merging, Roegge told the paper. Roegge noted that the National Credit Union Administration (NCUA) began asking about the credit union’s plans for future growth. “The NCUA didn’t come out and say, “You have to merge,” Roegge told the paper. “But reading between the lines at the questions they were asking, you could tell that [a merger] was their desire.”


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