Credit union to leave Ashby [UPDATED]Published 9:29am Thursday, November 29, 2012 Updated 11:30am Thursday, November 29, 2012
Since opening in 1937, Ashby Federal Credit Union has offered financial services to members in community. Friday, the credit union will close its doors, in a move to merge with a larger credit union based in Alexandria.
After an affirmative vote of members of the Ashby FCU on Monday night, the organizations member accounts will move to Mid Minnesota Federal Credit Union in Alexandria. Mid Minnesota FCU services Alexandria, Brainerd, Crosby, Little Falls and Staples, and has a range of financial services, including banking, loans, VISA credit cards, insurance and investments.
The move follows a trend of smaller credit union closings because they have a difficult time competing with the range of services of larger organizations, such as online banking.
The Ashby Federal Credit Union has over 600 members and assets of approximately $1 million. The credit union has one full-time employee, Sheila Drayna, and a part-time employee that assisted occasionally with payroll. Drayna will work temporarily with Mid Minnesota FCU to assist with the transition.