Wadena, Minn.-based Wadena FCU and Baxter, Minn.-based Mid Minnesota FCU plan to merge, CUToday.info reported Feb. 21, citing a notice posted by the National Credit Union Administration.

As of Dec. 31, 2021, Wadena FCU had total assets of $14.8 million and Mid Minnesota had $606.1 million in total assets, according to S&P Global Market Intelligence data.

CUToday.info reported Wadena FCU plans to pay out a portion of its capital to its members as part of the merger. Subject to deal approval, the credit union will distribute approximately $300,000, with each eligible member receiving an adjustment equal to about 2.67% of their share balances and certificate holdings as of Dec. 31, 2021.

Wadena FCU's current office will close upon the building of a new branch, according to the report.

In Minnesota, Affinity Plus FCU and White Earth Reservation FCU are also merging.

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