Four credit unions in the Twin Cities announced the formation of United Financials Capital on Tuesday, a Credit Union Service Organization through which the financial institutions will collaborate on lending opportunities for public and private commercial and infrastructure projects in Minnesota and neighboring states.
Affinity Plus Federal Credit Union, St. Paul; Hiway Credit Union, St. Paul; SPIRE Credit Union, Falcon Heights; and TopLine Federal Credit Union, Maple Grove are among the initial members.
In a news release, Dave Boden, president and CEO of Hiway Credit Union, said, “We’re here to offer the power of credit union ideals and the combined resources of our businesses to the commercial lending industry.” Boden is also the new organization’s board chair.
According to Michael Dalglish, CEO and creator of UFC, the organization also aims to create a safe zone of innovation inside the credit union model for reviewing new business concepts.
In 2020, Affinity Plus had assets of $3.7 billion, Hiway had assets of $1.7 billion, TopLine had assets of $651 million, and SPIRE had assets of $1.4 billion, according to annual reports provided on their websites.