TopLine Announces Completion of Federal to State Charter Conversion – NBCNEWS

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TopLine moves to a state chartered credit union – becoming TopLine financial credit union

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MAPLE GROVE, Minn., Aug. 01, 2022 (GLOBE NEWSWIRE) — TopLine has received final approval from federal and state regulators to move from a federal to a state-chartered credit union, and along with this change, the credit union will change “Federal ” to “Financial” in its name, and becomes TopLine Financial Credit Unioneffective today August 1, 2022. This move comes after the board of directors and credit union members approved the conversion in May.

Previously, TopLine was regulated by the National Credit Union Administration (NCUA), and the transition to a state charter means that the credit union is now regulated by the Minnesota State Department of Commerce, which also regulates other financial institutions in the state. TopLine will join more than 70% of Minnesota’s credit unions as a state chartered credit union, and will remain a federally insured credit union through NCUA.

TopLine was founded in 1935 to serve Bell System telephone operators and expanded into a community charter in the early 2000s. TopLine now serves more than 46,500 members across 5 locations and holds more than $675 million in assets. With the charter conversion TopLine will now be able to expand its community-based membership and offer financial services and products for four additional counties, covering a total of 11 counties, including: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott , Sherburne, Washington and Wright in Minnesota. The charter’s approval expands the ability to reach new potential members with affordable financial education and services – including savings, checking, credit cards, loans, mortgages, insurance, investments and small business financial products, all with remote access.

“We are delighted to receive final approval for the conversion from TopLine to a state chartered credit unionsaid Tom Smith, President and CEO of TopLine. “This is an important opportunity for us to expand our reach in more communities to serve more individuals, families and small business owners, to act as a means of advocating for financial well-being, and to support additional efforts in the field of of social responsibility to have a positive impact. our communities; all to better fulfill our shared mission to help people. We are excited to serve even more of our Minnesota friends and family. Members and potential new members can take advantage of all the technology and self-service options we offer through our website, online applications, online/mobile banking, free ATM networks with more than 82,000 locations and of course our Member Care Center and Lending Teams who can be reached by phone and email . This exciting time in TopLine’s history would not have been accomplished without the hard work and dedication of our employees, board of directors, members, NCUA and the Minnesota Department of Commerce. The Commerce Department has been a real partner during the application process and we thank them for guiding us to make this possible.”

For more information, visit www.TopLinecu.com/statecharter or view our full list of Frequently Asked Questions.

TopLine Financial Credit Uniona Twin Cities based credit union, is Minnesota’s 13the largest, with assets of over $675 million and serving nearly 46,500 members. The not-for-profit financial cooperative, founded in 1935, offers a complete line of financial services from its five years business locations — in Bloomington, Brooklyn Park, Maple Grove, Plymouth and in St. Paul’s Como Park — as well as by telephone, mobile phone application and online at www.TopLinecu.com. Membership is available to anyone living, working, worshiping, attending school or volunteering in Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright counties, and their immediate family members. Visit us on our Facebook page or Instagram. For more information about the credit unions foundationvisit www.toplinecu.com/foundation.

CONTACT:
Vicki Roscoe Erickson
Senior Vice President, Marketing & Communication
TopLine Federal Credit Union
[email protected]
763.391.0872

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ccaf1512-08eb-497a-a028-d2b26e84c0d4

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