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2021 Best of Business | Twin Cities Business

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Are app platforms the future of financial services?


Are app platforms the future of financial services?
COVID  accelerated the online movement  for all aspects of social and economic life.  In credit unions, some assert the transition away from the branch-based model of financial services to an all virtual one is now inevitable.
One example of this total virtual embrace is the former United Airlines, now Alliant CU with $14 billion in assets. It has no branches and is the ninth largest credit union in the country.  In contrast the $8 billion Wings Financial whose initial sponsors were also airlines, still has 30 branch operations in airports as well as in the communities surrounding its home office of Minneapolis-St Paul. ....

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Wings Financial Credit Union to acquire Brainerd Savings & Loan


Wings Financial Credit Union to acquire Brainerd Savings & Loan
The transaction, which requires approval by state and federal regulators, is expected to close by May 31. When the merger is complete, the location will be rebranded as a Wings Financial branch, and the bank’s members will be enrolled as members of the credit union.
Written By:
Brainerd Dispatch |
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Brainerd Savings & Loan in downtown Brainerd.
Apple Valley-based Wings Financial Credit Union and Brainerd Savings & Loan announced Jan. 25 the two organizations have reached an agreement for Wings to acquire the bank, including its branch location in Brainerd.
The transaction, which requires approval by state and federal regulators, is expected to close by May 31. When the merger is complete, the location will be rebranded as a Wings Financial branch, and the bank’s members will be enrolled as members of the credit union. ....

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