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Important update // November 16, 2020

TruStone Financial and Firefly have received approval from our regulators, National Credit Union Administration (NCUA) and the Minnesota Department of Commerce. This means we are ready to go forward with our next steps in the merger, and it’s time to ask you, our members, to vote to convert from a federal to a state charter at our Special Meeting on December 21, 2020.

Why is TruStone Financial converting from a federal to a state-chartered credit union?

In short, TruStone Financial must convert to a state charter in order to merge with Firefly. Though TruStone members do not have to vote to approve the merger itself, like Firefly members do, they do need to vote for the charter change, or the merger cannot happen. If TruStone members vote for the charter change, and then Firefly members vote for the merger, we can successfully complete the merger.

The Boards of Directors of TruStone Financial and Firefly believe very strongly that the combined credit union must be able to serve the existing fields of membership of both credit unions after the merger is completed. The conversion to a state charter makes this possible, as it will preserve every part of both credit unions’ existing fields of membership. In addition, both TruStone and Firefly currently have members who live in parts of the Twin Cities metropolitan area that are technically outside of their current fields of membership. Converting to a state charter will permit TruStone to serve the entire 11-county metropolitan area as well as the I-94 corridor to Saint Cloud. The credit union will be able to build branches in areas where it currently cannot, in both Minnesota and Wisconsin.

The ultimate decision to change charters belongs to you, our members. TruStone will call a special meeting of the members in order to vote on the charter change. Members will be able to vote at the special meeting or by mail ballot in advance of the special meeting. The special meeting will be held at our Corporate Center on December 21, 2020. The notice of special meeting, ballot, voting instructions will be mailed to eligible members soon.

TruStone Charter Conversion Frequently Asked Questions

See message from Tim Bosiacki on charter conversion:

See previous update:

General Merger FAQ