SharePoint, Star Choice credit unions announce planned merger

Two Twin Cities metro area credit unions have announced plans to combine into one.

SharePoint and Star Choice credit unions say the companies made the decision “after careful consideration and evaluation of various options, and considering the future of the banking industry.”

After the merger is completed, the companies will operate under the SharePoint name and SharePoint’s CEO and president is expected to remain in that role while Star Choice’s CEO will stay on in a new role.

The companies say the merger is expected to be completed early next year.

SharePoint has six locations — Andover, Medina, Plymouth, St. Louis Park, Bloomington and Burnsville — while Star Choice has a location in Bloomington. Combined, the companies say they’ll have more than 30,000 members between their seven branches and will be better able to expand access, products and technology offerings.

The announcement comes as two other credit unions — Spire and Hiway — move toward a potential merger.