About Wakota Federal Credit UnionWakota FCU is proud to be Dakota County's member-owned financial alternative!
What’s a Credit Union?
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.
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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 of “persons who live, work, worship, volunteer, attends school in and businesses and other legal entities located in Dakota County, MN. And members of their immediate family.”
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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!
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