We are pleased to announce our intent to merge with Star Choice Credit Union in Bloomington pending member and regulatory approval. This decision was made after careful consideration and evaluation of various options, and considering the future of the banking industry. Because organizations share similar cultures and values, the Board of Directors felt a merger was beneficial to both credit unions.
Star Choice Credit Union was started in 1931 as the Minneapolis Star Employees Credit Union. Initially the membership revolved around employees of Star Tribune Newspaper but now their membership encompasses Hennepin and Scott County serving over 6200 members and $90 million in assets.
Learn more about Star Choice Credit Union.
Merger Related Questions
Star Choices traces its roots back to 1931 when it was established as the Minneapolis Star Employees Credit Union. Star Choice’s field of membership initially revolved around employees of the Star Tribune Newspaper, now serves Hennepin and Scott County communities. Star Choice serves over 6,300 members, primarily in the Twin Cities area, with a branch located in Bloomington. Star Choice has over $91 million in assets. To learn more about Star Choice visit www.starchoicecu.org
Founded in 1933 by a group of dedicated Red Owl grocery store employees, SharePoint has since evolved to become a cornerstone of the grocery store industry. Presently, it serves esteemed establishments such as Lunds, Byerlys, Kowalski’s, Jerry’s, and Cub Foods, in addition to partnering with 50 other prominent companies. Beyond that, SharePoint’s reach extends to cover the entire 8 county metro areas.
Currently, SharePoint Credit Union serves over 22,000 members, boasting more than $304 million in assets. It has multiple branch locations; Andover, Bloomington, Burnsville, St. Louis Park, Medina, and Plymouth. For further information about SharePoint Credit Union, you can visit their official website at www.sharepointcu.com.
Yes, SharePoint and Star Choice members’ shares are backed by National Credit Union Association (NCUA), which insures savings up to $250,000. SharePoint also provides an additional $250,000 of Excess Share Insurance, insuring deposits for up to $500,000.
All Star Choice employees will remain employees of the combined entity. Rest assured; you will continue to see the Star Choice team you have come to love but you may also see some new faces. The combined workforce of qualified credit union personnel from Star Choice and SharePoint will ensure us to strengthen and improve member service across all our delivery channels.
A credit union merger is a process where two or more credit unions combine their resources, operations, and membership to form a single, stronger credit union. The goal is to enhance service, increase efficiency and provide advanced technology.
The primary reason for our merger is to enhance the services, benefits and conveniences to members of both credit unions and the communities we serve; while together, being able to realize greater economies of scale.
- More products, services and branches to better serve each member
- Ability to compete with large financial institutions while maintaining higher service and quality levels
- Strengthened long-term viability
- Opportunity for geographic and field of membership expansion
Star Choice and SharePoint support similar values, products and services. Star Choice members will experience continued exceptional service, with additional access to business lending and mortgage services. Members can use all branch locations once both credit unions’ data is merged in the Spring of 2024.
SharePoint members will have access to all branch locations once both credit unions’ data is merged in the Spring of 2024. There will be minimal disruption once the operational merger is finalized. You will receive up-to-date communications as we get closer to the operational merger.
When going through a merger, there are two different dates that guide the transition of two credit unions into one. The first date is the Legal Merger Effective Date (LMED) and the second is the Operational Merger Effective Date (OMED).
The LMED is in early January 2024. This is the date that the financials of Star Choice become part of SharePoint’s financials. However, this is not the date in which all of the operational processes change. You will notice little to no change as of January 2024.
As a Star Choice member you will continue doing business as usual until the OMED. The OMED will be performed in Spring of 2024. That is when Star Choice member accounts will be converted to the SharePoint system. Star Choice members will continue to utilize their current online & mobile banking, billpay, and branches etc, until the operational merge is complete. There will be communication throughout the transition process giving information on the change and guide members as to what they can expect. The goal is to make the merger as seamless as possible for the Star Choice membership.
You will continue to use your current branch location(s). After our operational merge in Spring 2024, all branch locations will be open to all members.
The current name of the credit union is SharePoint Credit Union. However, it is important to note that this name is subject to change in the future as the credit union may consider re-branding. As of now, SharePoint Credit Union is the official name, but any future name change will be determined and announced at a later date.
Star Choice and SharePoint will continue to be state-chartered, serving those who live, work, worship, attend school, volunteer, or conduct business in the Minnesota Counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington and Wright while retaining all fields of membership from both credit unions.
SharePoint Credit Union’s Board of Director’s will be made up of individuals from both SharePoint and Star Choice Board of Directors.
Current SharePoint CEO, Phillip Kopischke, will continue as the Chief Executive Officer. Current Star Choice CEO, Scott Olson will transition to SharePoint as Executive Vice President over integration and asset/liability management.
The phrase “Once a Member, Always a Member” still applies, with the same rights and privileges.
Operational Related Questions
Currently your account numbers will remain the same. In the future, if any changes are necessary, all members will receive a separate notification of specific changes well before they happen and every effort will be made to limit any inconvenience to you. Our goal is to have as few account changes as possible. SharePoint will absorb any costs of account number changes.
Yes, continue to utilize your current checks, debit card, credit card, etc., as you would today. When the operational merge date gets closer, specific communications will be provided. Those communications will provide you with important details and outline any transition periods to these products, as applicable. As we move forward through the merger process we highly recommend you read all the communication to ensure you do not miss any information on possible service disruption.
Will I continue to have access to my accounts through Online & Mobile Banking, bill pay, and all digital services.?
SharePoint will honor all terms and conditions established when share certificates and IRA certificates were issued to members.
SharePoint will honor all terms and conditions established when the loan was issued to members.
Yes, all Star Choice and SharePoint branches will remain open; as will access to your account 24/7 access via online & mobile banking.
10750 France Ave S
Bloomington, MN 55431
Both credit unions utilize the MoneyPass surcharge-free network, with over 25,000 ATM locations nationwide. Visit www.sharepointcu.com or visit www.starchoicecu.org to find the closest ATM to your location.