Floodwood Area Credit Union members voted March 22 in favor to merge with Northwoods Credit Union of Cloquet. The merger took effect April 1, creating a combined financial institution with more than $110 million in assets. The merger required prior approval from the Minnesota
Department of Commerce and the National Credit Union Administration.
“Our board and management started looking for potential merger partners, and after much research, chose Northwoods Credit Union, as they have very similar core values,” said Patrick Babinski, CEO and president, Floodwood Area Credit Union.
The merger will provide Floodwood area members with services and products they weren’t able to get before, like online bill pay, mobile deposit and others.
All Floodwood employees will retain employment.