With a 97.25% affirmative vote from Midland Co-op Credit Union (MCCU) members, a partnership/merger between SPIRE and MCCU will become effective November 1, 2021.
Both SPIRE and Midland are Minnesota-chartered credit unions with long, established histories. SPIRE is focused on strong community involvement and improving members’ financial lives. Over the past eight decades, SPIRE has grown to over 140,000 members and $1.8 billion in assets.
“We chose to partner with SPIRE for several reasons,” MCCU President Becky Lindman said. “They are Minnesota-based and a well-known name; offer a full suite of products, services and branch locations for our members; have continually competitive loan rates and dividends; and provide easy and free access to ATM’s, as well as drive-ups. Most of all, we chose SPIRE because they care about our members and our legacy.”
Midland Co-op Credit Union and SPIRE Credit Union started as one credit union in 1934, at the height of the Great Depression when jobs and money were scarce. SPIRE’s founder, Edgar Archer, was an employee of Midland Cooperative Oil Association. He sought a loan to pay debts incurred while out of work, but time after time was turned down. Archer worked with seven colleagues to apply for a Certificate of Organization in March 1934. Founded as Twin City Oil Co-ops Credit Union, now SPIRE, the credit union opened with 52 members and an average loan amount of less than $50.
By 1940, the credit union was serving members and employees of both Midland Cooperatives and Co-op Services. Regulators encouraged splitting the two groups with Twin City Oil Co-ops Credit Union (now SPIRE Credit Union) servicing Co-op Services, and a newly formed Midland Co-op Credit Union to serve Midland Cooperatives.
“We are excited to serve the welcome back the Midland Co-op members to the SPIRE family,” SPIRE President/CEO Dan Stoltz said. “Our partnership is a triple win: a win for our employees, a win for our communities, and most of all, a big win for our memberships.”