Fox Corporate Finance Team Finalizes $3.4 Billion Credit Union Merger

January 13, 2021 – Press Releases

Fox Rothschild attorneys Christopher J. Pippett and Madison S. Clemens represented Minnesota-based TruStone Financial Credit Union in its merger with Firefly Credit Union, one of the largest combinations of its kind in the industry.

Pippett and Clemens served as lead counsel from start to finish, guiding the credit union through its conversion from a federally chartered to a Minnesota-chartered institution, then overseeing completion of the merger, which was sealed December 28 when Firefly’s members approved the transaction, creating a financial institution with $3.4 billion in assets and nearly 200,000 members.

The combined financial institution, serving members in the Minneapolis/St. Paul, Milwaukee and St. Cloud, MN areas, will operate under the TruStone name. It will offer members more locations, a better selection of products and services and more investment in technology. The merger makes TruStone the second-largest financial cooperative in Minnesota, and places it among the 100 largest in the country. Integration is expected to be complete in March.

In addition to managing the transaction, the Fox team handled initial negotiations with Firefly Credit Union, drafted the operative documents and regulatory applications to the National Credit Union Administration and the Minnesota Department of Commerce, secured Federal Trade Commission/Hart-Scott-Rodino antitrust approval for the deal and obtained a change in tax exempt status under the Internal Revenue Code.

The deal was named “Credit Union Merger of the Year” by financial industry website GonzoBanker.com. Pippett and Clemens were assisted in various aspects of the transaction by Fox attorneys Robert C. Castle, Richard S. Caputo, Bradley S. Rodos, Christopher M. Scotti, Jenny H. Fuller, Elizabeth G. Hodgson and Angelica M. Lieto.