TopLine Announces Completion of Conversion From Federal to State Charter

This move comes after the credit unions board of directors and membership approved the conversion in May.

Metadata
Provider: 
GlobeNewswire, Inc.GlobeNewswire, Inc.
Retrieved on: 
Monday, August 1, 2022
Information
Tags: 
Online, Investment, Commerce Department trade mission controversy, ATM, GLOBE, Insurance, Instagram, CEO, Topline, United States Department of Commerce, History, Social responsibility, Commerce, Small business, Family, Volunteering, National Credit Union Administration, Animal Care Centers of NYC, Facebook, Credit union, Technology, Bell System, Minnesota Department of Employment and Economic Development, NCUA, Minnesota Department of Commerce, Bank
Geotags: 
MAPLE GROVE, MN, US, MINNESOTA, WASHINGTON
Summary
Key Points: 
  • This move comes after the credit unions board of directors and membership approved the conversion in May.
  • Previously, TopLine was regulated by the National Credit Union Administration (NCUA), and moving to a state charter means the credit union will now be regulated by the State of Minnesota Department of Commerce, which also regulates other financial institutions in the state.
  • TopLine will be joining more than 70% of Minnesota credit unions as a state-chartered credit union, and will continue to remain a federally insured credit union by NCUA .
  • We are thrilled to receive final approval for TopLines conversion to a state-chartered credit union , said Tom Smith, TopLine President and CEO.



MAPLE GROVE, Minn., Aug. 01, 2022 (GLOBE NEWSWIRE) -- TopLine has received final approval from federal and state regulators to convert from a federal to a state-chartered credit union, and along with this change the credit union will be changing “Federal” to “Financial” in its name, becoming TopLine Financial Credit Union, effective today August 1, 2022. This move comes after the credit union’s board of directors and membership approved the conversion in May.

Previously, TopLine was regulated by the National Credit Union Administration (NCUA), and moving to a state charter means the credit union will now be regulated by the State of Minnesota Department of Commerce, which also regulates other financial institutions in the state. TopLine will be joining more than 70% of Minnesota credit unions as a state-chartered credit union, and will continue to remain a federally insured credit union by NCUA.

Founded in 1935 to serve Bell System telephone employees and expanding to a community charter in the early 2000’s, TopLine now serves more than 46,500 members through 5 locations and holds over $675 million in assets. With the charter conversion TopLine will now be able to expand its community-based field of membership and offer financial services and products to serve four additional counties, for a total of 11 counties that include: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright in Minnesota. The charter approval expands the opportunity to reach new potential members with affordable financial education and services – including savings, checking, credit cards, loans, mortgages, insurance, investments and small business financial products, all with remote access.

“We are thrilled to receive final approval for TopLine’s conversion to a state-chartered credit union,” said Tom Smith, TopLine President and CEO. “This is a significant opportunity for us to broaden our reach in more communities to serve more individuals, families and small business owners, to act as a resource to advocate for financial well-being, as well as support additional social responsibility efforts to positively impact our communities; all to better fulfill our cooperative mission of helping people. We’re excited about serving even more of our Minnesota friends and family. Members and potential new members will be able to take advantage of all the technology and self-service options we offer through our website, online applications, Online/Mobile Banking, fee-free ATM networks with over 82,000 locations, and, of course, our Member Care Center and Lending teams who are available by phone and email. This exciting time in TopLine’s history would not have been achieved without the hard work and dedication of our employees, board of directors, members, NCUA and the Minnesota Department of Commerce. The Commerce Department has been a true partner during the application process, and we thank them for their guidance to make this possible.”

For more information, please visit www.TopLinecu.com/statecharter or see our complete list of Frequently Asked Questions.

TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 13th largest, with assets of more than $675 million and serves nearly 46,500 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its five branch locations — in Bloomington, Brooklyn Park, Maple Grove, Plymouth and in St. Paul’s Como Park — as well as by phone, mobile app and online at www.TopLinecu.com. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members. Visit us on our Facebook page or Instagram. To learn more about the credit union’s foundation, visit www.toplinecu.com/foundation.

CONTACT:
Vicki Roscoe Erickson
Senior Vice President, Marketing & Communications
TopLine Federal Credit Union
[email protected]
763.391.0872

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ccaf1512-08eb-497a-a028-d2b26e84c0d4


Primary Logo
Copyright: 
2022 GlobeNewswire, Inc.. All Rights Reserved.