First Community Credit Union to acquire Unity Bank
Subject to Regulatory Approval
Jamestown, MD - June 25, 2026 – First Community Credit Union (FCCU) announced today that it has reached an agreement to assume operations of Unity Bank’s Red Lake Falls and Mentor, Minnesota branches, pending final regulatory approval. The transition is expected to be completed prior to the end of 2026.
This move supports First Community Credit Union’s focus on strengthening its presence in Northern Minnesota while continuing to invest in relationship-based financial services rooted in agriculture and rural communities.
Commitment to Customers
A key priority throughout the transition will be maintaining consistency and minimizing disruption for customers.
“Relationships matter, especially when it comes to your finances,” said Steve Schmitz, President and CEO of First Community Credit Union. “Our goal is to provide a steady transition that allows customers to continue their day-to-day financial transactions with confidence. At FCCU, our mission is to strengthen communities by helping our members grow and thrive, and this opportunity allows us to do exactly that.”
Customers will receive detailed communications in the coming months outlining what to expect, including any updates related to their accounts or services. FCCU and Unity Bank are working in close coordination to ensure communication remains clear and consistent throughout the transition period. There are no immediate changes to customer accounts or daily operations.
Welcoming Employees and Community
FCCU wants to emphasize that both locations bring strong, established connections within their communities.
“These are communities with deep relationships already in place,” Schmitz said. “We want to carry that forward by keeping those connections strong and continuing to serve customers in a way that feels familiar, dependable, and personal.”
As part of the transition, familiar faces will remain in place at both locations, supporting continuity through local knowledge and existing customer relationships. FCCU is committed to building on those existing relationships and staying actively involved in the communities these locations serve.
Once the transition is complete, the Red Lake Falls and Mentor locations will operate as part of FCCU’s branch network. The credit union will continue offering a full range of financial services, including agriculture lending, consumer lending, mortgages, business services, and deposit products, both in- branch and through digital channels.
“This is really about welcoming new members to FCCU,” Schmitz said. “We believe strong communities make life better, and we're excited to build relationships, support local communities, and help our members achieve their financial goals.”
First Community Credit Union is advised McQueen Financial Advisors as financial advisor and Fenimore Kay Harrison served as legal counsel. Unity Bank is advised by Hovde Group, LLC as financial advisor and Hongiman LLP served as legal counsel.
About First Community Credit Union
First Community Credit Union (FCCU) is a member-owned financial cooperative serving more than 46,000 members across North Dakota and Northwestern Minnesota. With $1.5 billion in assets and 27 locations, FCCU provides a full range of personal, business, mortgage, and digital financial services. Since 1939, FCCU has remained committed to helping members and communities thrive through trusted financial guidance, local decision-making, and a people-first approach. Learn more at myFCCU.com.
About Unity Bank
Founded in 1882 and operating in Minnesota, Montana, and Wisconsin, Unity Bank holds $587 million in assets and employs 133 people. Since opening, Unity Bank has been an integral part of the communities it serves, guided by its core philosophies.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation
Christian Abelarde
Vice President
Sam Wittenberg
Analyst