Exciting Announcement!

Centricity Credit Union and Proctor Federal Credit Union jointly announce a plan for a proposed merger where Proctor Federal Credit Union members would join the Centricity family of members.

Proposed Merger

The proposed merger between Centricity Credit Union and Proctor Federal Credit Union received preliminary approval by state regulator, the Minnesota Department of Commerce, and federal regulator, the National Credit Union Administration (NCUA), pending Proctor Federal Credit Union’s membership vote.

Proctor Federal Credit Union has sent notification and official ballots to their membership, who will ultimately vote on the merger in a Special Member’s Meeting to be held November 6, 2024. If Proctor Federal Credit Union members vote to approve, then formal approval will be granted by state and federal regulators, with anticipated legal merger effective January 1, 2025.

Please note: Centricity members do not vote on the merger.

Financially Sound & Member Benefits

Both credit unions are financially sound, with strong capital ratios over 9%. The proposed merger will result in an even stronger credit union with a greater capital base for growth, expanded market share, and an increase in economies of scale that will lower operating costs leading to overall benefits to credit union member-owners, such as competitive rates, free/low-cost services, advanced technology and additional community philanthropy efforts.

1. Shared Values: Both our credit unions share a common mission of providing exceptional financial services to our members while maintaining financial stability.
2. Enhanced Services: Through this merger, we can offer an expanded range of products and services, including improved digital banking solutions, competitive loan rates, and personalized member support.
3. Operational Efficiency: By streamlining our operations and leveraging economies of scale, we can reduce costs and enhance efficiency.
4. Security and Technology: Combined resources to invest in and provide state of the art solutions for a better (member and employee) end user experience.
5. Enhanced Oversight: Board and Committee representation from both institutions.
6. Expanded Service Area: Field of Membership will consist of St. Louis County MN, Lake County MN, Carlton County MN, Pine County MN and Douglas County WI. Combined we would have expanded branch locations in Proctor, West Duluth, Hermantown, Lakeside and in Superior.
7. Enhanced Benefits: Bringing together the best of both credit unions to offer employees more choices in a reduced to no cost benefit package.
8. Employee Growth and Advancement Opportunities: Leadership roles and development, career pathing, enhanced earning power, ability to specialize, relocation opportunities, remote work opportunities and better work life balance.

An Affiliate of Centricity

If approved, the combined credit union will be $314 million in assets and operate under the Centricity Credit Union as Proctor Credit Union, an Affiliate of Centricity Credit Union under the Centricity Credit Union brand.

Together, all 90 employees will be retained to serve nearly 28,000 members from 5 branch locations in 5 counties across northern Minnesota and Wisconsin.

Doug Ralston will serve as President and CEO of Centricity Credit Union. Dave Horak will serve in an executive management consulting role, until his retirement.

“Our shared vision and passion of helping members financially succeed driven by our comparable values and purpose of supporting financial well-being for all will continue to be our primary focus. Along with our commitment and investment for the betterment of communities we serve.”– Doug Ralston, President and CEO of Centricity Credit Union.

Thank You!

Thank you for being a member-owner and part of our family! We look forward to continuing to help you with all your financial needs. We will continue to update you on progress though our website and social media.