Members of Starcor Credit Union in Becker, Minn., have approved a proposed merger into St. Cloud Financial Credit Union in St. Cloud, Minn.
The merger was pre-approved by regulators, and Starcor members voted on the deal at a special meeting on Tuesday, the $190 million-asset St. Cloud Financial said Thursday. The credit unions are now awaiting final regulatory approval, which is expected in the coming months.
Combined, the credit union will have $200 million in assets and serve 21,000 members across six branches.
“In looking for a merger partner to help us better serve our members, I believe that St. Cloud Financial was a great fit philosophically and geographically,” John Hardekopf, president and CEO of the $10 million-asset Starcor, said in a press release.
Hardekopf will assume the position of vice president of lending on the St. Cloud Financial executive team once the merger is completed.
According to the release, the merger was “proactive” for both credit unions.
Starcor lost roughly $16,600 in the first quarter after earning about $12,600 a year earlier, according to call report data.
“We are proud that Starcor chose us as their merger partner,” Jed A. Meyer, president and CEO of St. Cloud Financial, said in a statement. “Both organizations have a solid reputation and brand developed throughout the years of member and community focus.”
