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Wakota FCU is a member-owned financial cooperative. Our profits are
returned to our members in the form of higher savings dividends and
lower loan rates. Come Join Us!
Credit unions became popular during the Great Depression as
Americans searched for financial solutions outside of banks. Wakota
FCU
was founded in 1931 as part of that movement. Our commitment to
community involvement remains strong
to this day.
Credit unions are member-owned, and as a result they're
generally more conservative with their investments than banks. With
no stockholders to demand quarterly profits, it's easy for credit
unions to eschew risky loans like subprime mortgages. Credit
unions like Wakota FCU provide a community-driven approach to
financial responsibility.
Your deposits at Wakota FCU are insured to
at least $250,000 by the National Credit Union Administration, an agency of
the U.S. government.
Why Join a Credit Union?
Visit
ASmarterChoice.org to learn the difference between credit unions
and banks, and the benefits of belonging to a not-for-profit
financial institution.
[external
link disclosure]
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Questions? Stop in or contact us!
Our History
In 1931, Armour and Company formed the Armour St. Paul Employees
Credit Union. The credit union was located in the business office of
the meat packing plant.
The credit union’s primary sponsor, “Armour Foods” in South St.
Paul, closed and moved its processing plant to Iowa in 1979. No
longer obtaining new members from the former primary sponsor, the
credit union decided to convert to a community charter.
In 1995 the credit union merged with the South St. Paul Employees
Credit Union. Then in 1997 our name was changed to Wakota Federal
Credit Union. The name Wakota is derived from a bridge in South St.
Paul that connects Washington and Dakota Counties, a name that
South. St. Paul residents could identify with.
Wakota FCU’s present field of membership was amended in 2003 and consists
“persons who live, work, worship, or attend school in and businesses
and other legal entities located in Dakota County, MN.”
Banks vs. Credit Unions
Is a credit union really the better choice? CBS The Early Show's
financial contributor Vera Gibbons compared banks and credit unions.
Watch the segment.
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