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In 1923, a handful of ordinary working men and women pooled their resources to form the first credit union in the state of Minnesota. They knew then, as we know now, that access to high-quality financial services at affordable rates was essential to improve the lives of their families and friends.
The first credit union in Minnesota was organized for Minneapolis postal employees in the spring of 1925. Fifteen workers attended that first meeting, held in the Postmaster’s office. When the Minneapolis Postal Employees Credit Union opened its doors, it had $146.25 in assets. By the end of that same year, its assets had increased to $6,418. That credit union, known today as US Federal Credit Union, has continued to maintain itself and its original mission of providing affordable financial services to its members.
Today, 159 credit unions exist in Minnesota. These organizations serve a variety of groups...from the Ely Steelworkers Credit Union (serving steelworkers in the Ely area) to the Latvian Credit Union (serving members of specified Latvian organizations) to General Mills Federal Credit Union (predominantly serving employees of General Mills). While each credit union is unique in the group(s) it serves and products it offers, each practices the philosophy of the credit union movement, “people helping people.”
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