MELROSE, Minnesota–(BUSINESS WIRE)–Magnifi Financial, a full-service community credit union offering retail and commercial banking and wealth management services, announced that it has merged with Financial One Credit Union, a member-owned and controlled financial cooperative , effective October 1, 2022. The syndicate was approved by the boards of Magnifi Financial and Financial One, as well as Financial One members via a vote in August 2022.
The combined organization, with nearly $2 billion in combined assets, 85,000 members and a branch network of 25 locations across Minnesota, operates under the Magnifi Financial brand. Chuck Friederichs, CEO of Magnifi Financial, will continue to serve as CEO of the new entity, and Ross Bloomquist, Chairman and CEO of Financial One, has assumed the role of Chief Experience Officer.
“We believe our two organizations are stronger together,” Friederichs said. “By joining forces, we have significantly more scale and reach, and the ability to provide our members with higher levels of service and value, access to more locations and ways to engage with us, a broader offering of credit union products and services, and the infrastructure and support needed to ensure our future success.
The merger strengthens Magnifi Financial’s presence in the larger Twin Cities market with new locations in Blaine, Coon Rapids and Columbia Heights. Additionally, Financial One brings a strong capability and portfolio of indirect lending, complementing Magnifi’s full range of products and services to serve a range of members from consumers to commercial enterprises.
“We are confident that by joining forces as Magnifi Financial, we will be better able to serve our members and provide competitive value and service,” Bloomquist said. “Equally important, our credit unions share many of the same values, a history of community giving and support, award-winning member service and employee engagement, and a strong financial position. These common characteristics make us ideal partners, and we are delighted to build on this success.
About Financial One
Financial One Credit Union is a member-owned and controlled financial cooperative dedicated to improving the financial well-being of its members. Since 1933, the credit union has worked hard to provide the best financial service to its members, backed by unique personal service with every interaction.
About Magnifi Financial
Magnifi Financial is a full-service, community-based credit union offering retail and commercial banking and wealth management services to anyone within its membership area. Magnifi Financial serves its members with an extensive branch network and best-in-class digital services. Members can easily access their accounts and manage their funds through a full suite of digital banking services.
Magnifi Financial is committed to its core values of growing our shared communities, providing easy and simple financial solutions, earning the trust and respect of every member through our expertise, and doing what is right for the all of our members.
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