Officials at Mid-Minnesota Federal Credit Union (MMFCU) announced this week the organization has acquired approximately 500 new members through a merger with the Ashby Federal Credit Union.
MMFCU President and CEO Chuck Albrecht said the Baxter-based credit union was contacted earlier this year regarding a potential consolidation with the smaller organization.
“The board of directors from the Ashby Federal Credit Union approached us to merge their credit union into MMFCU due to the difficulty of being able to offer the services their members were requesting and the increasing compliance burden,” Albrecht said.
Last week, the Ashby Federal Credit Union board of directors and members voted to approve the merger, providing approximately 500 new members with access to MMFCU services and facilities, including the full-service branch in Alexandria, beginning Dec. 1.
Ashby is about 30 miles northwest of Alexandria.
Mid-Minnesota Federal Credit Union is a member-owned financial cooperative with full-service offices in Alexandria, Baxter, Brainerd, Little Falls, Crosby, Pequot Lakes and Staples, as well as a drive-through branch in Baxter.