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Spire Credit Union

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Spire Credit Union
FormerlyTwin City Co-ops Credit Union (1934-2008)
Company typeCredit unions in the United States
IndustryFinancial services
Founded1934; 90 years ago (1934)
DefunctJanuary 1, 2024; 7 months ago (2024-01-01)
FateMerged with Hiway Credit Union to become Blaze Credit Union
HeadquartersFalcon Heights, MN
Area served
  • Minneapolis/St. Paul, Minnesota, Metro Area
  • State of Minnesota
  • State of Wisconsin
ProductsSavings account; Checking account; Health savings account (HSA); Individual retirement account (IRA); Vehicle loans; Personal & credit loans; Business loans; Mortgages; Investment services
Total assetsUSD$2.1 billion
Members153,000
Websitemyspire.com

Spire Credit Union (stylized SPIRE Credit Union) was a not-for-profit financial cooperative that was founded as the Twin City Co-ops Credit Union in 1934 and changed its name to Spire Credit Union on March 31, 2008.[1] Spire was headquartered in Falcon Heights, Minnesota, served over 153,000 members, and controlled more than $2.1 billion in assets.[2] In 2024, it merged with rival Hiway Credit Union and rebranded as Blaze Credit Union.

History

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Spire was created in 1934 by Edgar Archer, an employee of the Midland Cooperative Oil Association. Edgar Archer needed a loan to be able to pay his debts, so he started a credit union. By February 1934, enough of his fellow workers agreed, and seven of them applied for a certificate of the organization. Spire was officially incorporated on March 13, 1934.[3] In 2011, Spire operated ten branches in the Twin Cities area.[4] In July 2014, the organization – then named Spire Federal Credit Union – was voted to change from a federally-chartered into a state-chartered financial institution, and was renamed Spire Credit Union. In 2014, Greater Minnesota Credit Union (GMCU) merged with Spire, adding six branches in the greater Minnesota area.[5] In 2017, Peoples Community Credit Union members approved a merger with Spire, adding a branch location in Hopkins, Minnesota.[6] In 2019, Energy Services Federal Credit Union members approved a merger with Spire, adding a branch location in St. Cloud, Minnesota.[7] In 2019, Electrus FCU voted to merge with Spire.[8] In 2021, Diversified Credit Union voted to merge with Spire, adding a branch location in Waseca, Minnesota.[9] Also in 2021, Central Hanna Employees Credit Union voted to merge with Spire, adding a branch in Keewatin, Minnesota.[10] In 2022, HBI Employees Credit Union voted to merge with Spire.[11] Spire operates a total of 22 branches. In 2023, it was announced that SPIRE Credit Union and Hiway Credit Union were planning on merging with the President and CEO of SPIRE Dan Stolz becoming the CEO of the new company and President and CEO of Hiway Dave Boden becoming President of the new company. The name of the new company has not been announced yet. Hiway approved the merger in September[12] with the merger being finalized on January 1, 2024. The merged company rebranded as Blaze Credit Union and created the fourth largest credit union in the state of Minnesota.[13][14]

Membership

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Anyone with a Spire Account becomes a member of the credit union.

Partnerships

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Spire Credit Union has multiple active partnerships with many local organizations including the St. Paul Saints (SPIRE Home Run Porch, SPIRE Sun Deck, Official Checking Account), the St. Cloud Rox (Official Checking Account), Ogilvie Raceway (SPIRE Grandstand), and the Minnesota United FC (Official Credit Union).[15]

References

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  1. ^ https://www.bizjournals.com/twincities/stories/2008/03/31/daily7.html
  2. ^ "SPIRE CREDIT UNION Financial Reports". www.ibanknet.com. Retrieved 2022-12-28.
  3. ^ "About SPIRE". MySpire.com. Spire Credit Union. Retrieved 2017-04-24.
  4. ^ "Our Story - SPIRE Federal Credit Union". Spire Federal Credit Union. Retrieved 2011-10-27.
  5. ^ "GMCU To Merge With SPIRE". Credit Union Journal. Retrieved 2017-04-24.
  6. ^ "Peoples Community Credit Union Merges/Partners with SPIRE". MySpire. Retrieved 2021-02-19.
  7. ^ "Energy Services Federal Credit Union in St. Cloud Merges/Partners with SPIRE". MySpire. Retrieved 2021-02-19.
  8. ^ "Members Vote to Merge; CU Will be 'Division' of SPIRE". CUToday. Retrieved 2021-02-08.
  9. ^ Miller, Allison. "DCU in Waseca and Minneapolis merges with SPIRE Credit Union". Southernminn.com. Retrieved 2022-12-28.
  10. ^ "Central Hanna Employees CU Votes to Merge with SPIRE". MySpire. Retrieved 2022-12-28.
  11. ^ "HBI Credit Union votes to merge with SPIRE". CUInsight. Retrieved 2022-12-28.
  12. ^ https://blazecu.com/news/september-2023/hiway-credit-union-members-approve-merger-with-spire?newsid=11
  13. ^ https://m.startribune.com/spire-and-hiway-are-merging-to-create-minnesotas-fourth-largest-credit-union/600293894/
  14. ^ https://blazecu.com/news/november-2023/spire-hiway-will-rebrand-as-blaze-credit-union?newsid=10
  15. ^ "SPIRE Sun Deck Added to CHS Field". Ballpark Digest. 2019-04-23. Retrieved 2021-02-19.


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