Park Schools Credit Union Merges with United Educators Credit Union

The $8.5 million Park Schools Credit Union in St. Louis Park is no more following a merger with the $132 million United Educators Credit Union in Apple Valley, the Credit Union Times reported Monday.

The 60-year-old credit union had 1,314 members but found it increasingly hard to compete in recent years—losing $481,168 in net income between 2008 and 2012, according to the times.

The Park Schools branch will remain open with new hours of 8:30 a.m. to 5:00 p.m. Monday through Friday, according to a message posted to the credit union’s website April 1.

Signage and name changes will take place over the next few months, according to a list of frequently asked questions. The three employees in the St. Louis Park office will remain.

“Benefits to you include improved rates, increased share insurance, and more service options - including expanded loan offerings, additional Certificate of Deposit and Savings plans, and more!” the message stated. “United Educators Credit Union is committed to a smooth transition, and will continue to provide you with ongoing updates as we move forward together.”