Chartered by the State of Minnesota as Farmers Union Employees’ Credit Union, Heartland Credit Union officially opened for business on January 3, 1939. Back in those days it took just six or seven members to charter a credit union. W.S. Freeman, Joyce Hanson, J.L. Kelly, Felix Mackey, Harvey Norby, Verne Robinson, and Adam Vierling each bought one share for $5 at an organizational meeting held December 3, 1938.
At that meeting, the rate of interest on loans was set at one percent per month or 12 percent annually. Each employee was limited to depositing $100 or less, and could borrow no more than $25. At the close of its first year, the credit union had 80 members with assets of $1,596.
In 1997 Heartland and Land O’Lakes credit unions merged and in 1998 Heartland and Harvest States Cooperatives Employees Credit Unions merged. In early 2004 Heartland Credit Union’s charter was expanded to serve anyone who lives, works, worships, volunteers or attends school in Dakota County.
In 2011 Heartland merged with Minnesota Valley Credit Union in New Prague, MN serving Genex, Chart and Scott Equipment. In addition to this merger Heartland’s charter was expanded to serve anyone who lives, works, worships, volunteers or attends school in Scott, Rice and Le Sueur Counties.
Today Heartland Credit Union serves over 9,000 members with assets exceeding $98 million.