Tuesday, June 29th, 2021 12:00 AM
ST PAUL, Minn, (June 29, 2021) – With approval from federal and state regulators and an affirming vote from members at a meeting held today, St. Thomas Employee Federal Credit Union (STEFCU) will merge with Catholic United Financial Credit Union (CUFCU).
The merger, effective July 1, brings together two faith-based organizations with a rich history of serving Catholics throughout Minnesota. It also follows a consolidation trend in the credit union industry.
“Credit unions today are faced with increasing technology costs and regulatory requirements,” said Mark Vangsgard, St. Thomas’ chief financial offer and vice president of business affairs. “And with the ever-changing needs of our membership, it was the right time to reach out to a larger credit union that aligned with our values to offer an expanded range of products and services to our membership.”
With $3.8 million in assets, STEFCU currently serves employees of the University of St. Thomas and St. Thomas Academy as well as University of St. Thomas’s alumni residing in Dakota, Hennepin, Ramsey, or Washington counties. Founded in 1949, STEFCU has 943 member-owners with one location on the University of St. Thomas campus in St. Paul.
CUFCU has $21.2 million in assets with 3,300 member-owners. CUFCU serves Catholic United Financial members and their relatives, employees, and parishioners of select Catholic churches and organizations, as well as Catholics who reside in North Dakota. CUFCU has two branch locations, in St. Paul and St. Cloud, Minnesota.
Combined, the credit union will operate under the CUFCU name with total assets of $25 million.
“The transition for members will be as seamless as possible,” said STEFCU Manager Tony Erickson. “While CUFCU will not have a physical presence on campus, members will now have easy access to cash through campus ATMs, in addition to online and mobile banking services to check balances, deposit checks, pay bills, open accounts and apply for loans.”
STEFCU Manager Tony Erickson will retire on July 16 after more than seven years.
“We are excited to welcome members of St. Thomas Employee Federal Credit Union into our Catholic United family,” said CUFCU President Maureen Daehn. “As an alumna of the university, I’m delighted to be a part of continuing service to the STEFCU membership. We’re excited to introduce them to many new conveniences such as mobile banking, mobile deposit, debit cards, and ATM access as well as new loan offerings like adoption, recreational vehicle, and real estate loans. We look forward to assisting them with all their financial needs.”
CUFCU President Maureen Daehn (MBA ’92) and CUFCU Director of Innovation & Member Engagement Andrea Ferkingstad (’97) are both alumni of the University of St. Thomas.
Merger informational packets will be mailed to STEFCU members on June 30, 2021.
To review the packet today, click here > MERGER INFORMATION PACKET - STEFCU MEMBERS
To access previous STEFCU statements online, click here > STEFCU eStatements Login
REMINDER: Access to your STEFCU statements online ends on September 30, 2021.