Magnifi Financial, a full-service community credit union offering retail and commercial banking and wealth management services, announced it has merged in Financial One Credit Union, a member-owned and controlled financial cooperative, effective October 1, 2022. The union was approved by the Magnifi Financial and Financial One boards of directors, as well as by Financial One members via a vote in August 2022.
The combined organization, with nearly $2 billion in combined assets, 85,000 members and a branch network of 25 locations across Minnesota, is operating under the Magnifi Financial brand. Chuck Friederichs, CEO of Magnifi Financial, will continue to serve as CEO for the new entity, and Ross Bloomquist, President/CEO of Financial One, has assumed the role of Chief Experience Officer.
“We believe that our two organizations are stronger together,” said Friederichs. “By joining forces, we have considerably more scale and reach, and the ability to provide our members with higher levels of service and value, access to more branch locations and ways to engage with us, a broader offering of credit union products and services, and the infrastructure and backing to help ensure our future success.”
The merger increases Magnifi Financial’s presence in the greater Twin Cities market with new locations in Blaine, Coon Rapids and Columbia Heights. Additionally, Financial One brings a strong indirect lending capability and portfolio, complementing Magnifi’s comprehensive suite of products and services to serve a range of members from consumers to commercial businesses.
“We are confident that by joining forces under the Magnifi Financial name, we will be better able to serve our members and provide competitive value and service,” said Bloomquist. “Equally important, our credit unions share many of the same values, history of community giving and support, award-winning member service and employee engagement, and strong financial position. These shared characteristics make us ideal partners, and we are excited to build on that success.”
About Financial One
Financial One Credit Union is a member-owned and controlled financial cooperative dedicated to improving the financial well-being of its members. Since 1933, the credit union has worked hard to provide the best financial service to its members, backed by one-on-one service that’s unique to every interaction.
About Magnifi Financial
Magnifi Financial is a full-service community credit union offering retail and commercial banking and wealth management services to anyone within its field of membership. Magnifi Financial serves members with an extensive network of branches and best-in-class digital services. Members can access accounts and manage funds with ease through a full suite of digital banking services.
Magnifi Financial is committed to its core values of building up our shared communities, providing financial solutions that are easy and simple, earning the trust and respect of each member through our expertise, and doing what is right for our entire membership.
Welcome to Magnifi Financial. Your World in Focus.