Hiway Credit Union in St. Paul, Minn., has converted to a state charter and expanded its field of membership.
The $1.5 billion-asset institution can now serve anyone who lives, works, worships or attends school in seven counties around St. Paul in addition to its select employees groups. Previously its field of membership was multiple common bond, starting with the state’s Department of Transportation and expanding to other various government agencies.
Along with the switch to a community charter, the credit union has also dropped the word “federal” from its branding after converting to a Minnesota state charter. The move was approved by Hiway’s membership and its board during the fall.
“This is an exciting time for Hiway. The state charter allows us more flexibility in our field of membership which supports our long-term growth plans,” David Boden, president and CEO, said in a press release on Tuesday. “As a state-chartered credit union, adding new counties to our field of membership means we can add additional branches to better serve our members. And we’re not stopping there — the new Hiway will also offer new and convenient technologies and overall improved channels to serve our members.”
Hiway has also updated its logo to include a more “modern and friendly depiction,” the institution said. An icon consisting of four blue lines by its name hints back to Hiway’s history as the Minnesota Department of Transportation credit union. The lines can be viewed as lane stripes on a road or as the letter “H.”
Hiway earned roughly $6.6 million through Sept. 30, up about 25% from the same period a year earlier, according to call report data from the National Credit Union Administration.
