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Better together - Firefly & Trustone merger

 

Merger Steps

Board Approval Regulatory Approval Member Vote Merger Completion
In Progress Q4 2020 2021
Since 1925, Firefly Credit Union has strived to bring value to members. In an effort to further that value proposition, your Board of Directors voted unanimously in favor of a merger with TruStone Financial Credit Union.  This action will become official upon regulatory approval and an affirmative vote of the Firefly membership.
 
Unlike a traditional bank merger, this is not a buyout or acquisition. This merger represents a true collaborative partnership between two financially healthy credit unions committed to their members. Better together our 190,000 members would have more branch locations, enhanced products and services and improved technology. Our combined credit union will remain committed to providing competitive value and extraordinary experiences to our members.


Benefits

18 Twin Cities Locations.

18 Twin Cities Locations.

Nearly 80% of our Twin Cities’ members would live within 5 miles of a branch.
Same knowledgeable, friendly employees.

Same knowledgeable, friendly employees.

The staff at our branches and call center would continue to be available to serve you.
More responsive to evolving financial needs.

More responsive to evolving financial needs.

This partnership would allow us to better anticipate and meet the financial needs of our membership.

FAQs

More branch locations. Together we’d have 23 branches in Minnesota and Wisconsin, resulting in nearly 80% of our Twin Cities’ members living within 5 miles of a branch location.
 
Same knowledgeable, friendly employees. The staff at our branches and call center would continue to be available to serve you.

More responsive to evolving financial needs. This partnership would allow us to better anticipate and meet the financial needs of our membership in a rapidly evolving financial services industry.
 
Unlike a traditional bank merger, this is not an acquisition or buyout. This is an exciting partnership between two like-sized, financially sound, and well-performing credit unions that are moving forward with a collaborative, strategic merger to better serve our members.
 
This merger provides the opportunity to achieve more positive member, employee, and community impact and value. For example, we would grow our network to 23 branches across Minnesota and southeast Wisconsin. This means nearly 7,000 more of our Twin Cities members would be within 5 miles of a branch.
 
TruStone Financial is a full-service credit union dedicated to improving the financial well-being of its members for more than 80 years. They have 14 branches across Minnesota and southeast Wisconsin and assets of $1.6 billion. TruStone was named one of the 50 Best-performing US credit unions of 2019 by S&P Global Market Intelligence and a Best-In-State Credit Union in 2020 by Forbes.
Dale Turner, President and Chief Executive Officer of Firefly Credit Union, would be named President and Chief Executive Officer of our combined organization. TruStone Chief Executive Officer Tim Bosiacki would retire upon completion of the merger.
The combined organization’s Board of Directors would have 13 members, seven from TruStone Financial, and six from Firefly. The Supervisory Committee (also comprised of volunteer representatives from membership) would have five members, two from Firefly and three from TruStone Financial.
Yes. Both organizations are committed to providing high levels of service for members, and you’ll likely continue to see your favorite Firefly team members where they work today.
There is no immediate effect to your accounts. At this time, there is nothing you need to do. We plan to provide you with specific communication regarding changes to your accounts in 2021. Until that time, we encourage you to conduct business as usual with Firefly.
No, you may continue to use your Firefly checks after the merger is complete.
We are currently exploring system integration and seeking the best solution for our membership.
Both TruStone's and Firefly's existing routing numbers will be used. Transactions set up with Firefly’s existing routing number will continue to work, and no action needs to be taken.
The merger would result in enhancements and new products to better serve you.
The rates on existing fixed-rate loans and certificates will remain the same until the end of their respective terms. Other loan and deposit rates will adjust normally due to market conditions.
No, our branch hours will remain the same.
Yes! We are excited to announce this would result in an expanded branch network of 23-locations, including 18 in the Greater Twin Cities CommunitySM, a St. Cloud, MN branch, and four locations in southeastern Wisconsin. These locations would likely be available to our members in early 2021.

See Combined Branch Locations
 
Yes, we will continue Shared Branching (a nationwide network of credit unions that expands access to your funds) for our members after the merger.
Yes. Member savings will be federally insured to at least $250,000 by the National Credit Union Administration.
There are no plans for branch closures. In fact, this merger would provide the opportunity to expand our branch locations and enhance our digital member experience.
Immediately following a successful merger process, the name of the combined organization would be TruStone Financial Credit Union.
Our intent is to keep many individuals in the same roles and locations. In some instances, employees may choose different opportunities, but for the most part, your favorite Firefly team members would remain where they are familiar to you.
There would be expenses to complete the merger, but we are carefully managing those costs. Upon consolidation, we would gain efficiencies that will result in cost savings and ultimately more member value.  The merger would not be paid for with increased fees or higher loan rates.
Your board of directors unanimously voted in favor of the merger in April. We are now pursuing regulatory approval. Upon receipt, we would seek a member vote to formally approve the merger. It is anticipated this would be finalized in 2021. We know you will have questions during this process, and we will keep you informed in the months to follow.
 
Board Approval Regulatory Approval Member Vote Merger Completion
In Progress Q4 2020 2021

More Locations To Serve You

See Combined Branch Locations

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