Four Twin Cities-based credit unions – Affinity Plus Federal Credit Union, Hiway Credit Union, SPIRE Credit Union and TopLine Federal Credit Union – announced the launch of United Financials Capital today. The new organization is a Credit Union Service Organization (CUSO) through which the four credit unions will collaborate on lending opportunities. These opportunities will be focused on public and private commercial and infrastructure projects in Minnesota as well as neighboring states.
“We’re here to bring the power of credit union values and the combined resources of our organizations to the commercial lending marketplace,” said Dave Boden, who is the President and Chief Executive Officer of Hiway Credit Union, in a news release. Dave Boden will also be servicing as the chairman of the board for United Financials Capital.
As of 2020 according to the National Credit Union Administration, there were 992 registered CUSOs of which 719 were wholly-owned. The majority of these organizations were engaged in lending services. The concentration of CUSOs in the United States is unsurprisingly in the larger states; Texas, California and Michigan had 86, 74 and 61 CUSOs in 2020, respectively. What makes this announcement notable is that it is going to be a CUSO focused on Minnesota which is one of the smaller states in the country.
United Financials Capital will be run by Michael Dalglish who is the Chief Executive Officer and founder of the organization. According to the release Michael Dalglish has stated that the organization will seek “to create a safe zone of innovation for vetting new business ideas within the credit union model.”
About The Four Credit Unions
Based on data from the NCUA through December 2021, these are some statistics on the four credit unions partnering to forming United Financials Capital:
- Affinity Plus Federal Credit Union
- Total Assets: $3.7 billion
- Total Net Worth: $306 million
- Members: 230,632
- Hiway Credit Union
- Total Assets: $1.7 billion
- Total Net Worth: $157 million
- Members: 80,467
- SPIRE Credit Union
- Total Assets: $1.9 billion
- Total Net Worth: $150 million
- Members: 142,385
- TopLine Federal Credit Union
- Total Assets: $650 million
- Total Net Worth: $59 million
- Members: 46,148