Members of Electrus Federal Credit Union recently voted 94% in favor of a partnership/merger with SPIRE Credit Union, which became effective December 1, 2019. The name of the combined organizations will be SPIRE Credit Union. However, to honor the credit union’s 62-year legacy, the name of the Brooklyn Center location will be Electrus - A Division of SPIRE Credit Union. Additionally, as a result of their strong financial position, Electrus members received a special dividend payout prior to the merger effective date.
Founded in 1957, Electrus is a Federally-chartered credit union with 5,300 members and $60+ million in assets. Their field of membership includes contractors, members, retirees, and office personnel of the following IBEW Local Unions: 343, 292, and 160. “After an intensive search and careful consideration, the Electrus’ Board of Directors determined SPIRE Credit Union was best suited to meet the goals of the credit union and assure its long-term viability,” said Debbie Mickelson, Electrus President/CEO, “We believe SPIRE has the same passion and vision as Electrus, and our members will gain significant value and benefits from the partnership.”
“Our mantra for this partnership is simple – same faces, same places. Electrus will keep the same location and staff,” explained Dan Stoltz, SPIRE President/CEO, “We look forward working with the Electrus members, serving the Brooklyn Center community, and offering best-in-class financial solutions.”