Norstar Federal Credit Union has been a fixture in Britton for more than 80 years, growing and adapting with the times while staying true to its mission of serving members. On the eve of International Credit Union Day on October 16, the local business takes a look back and forward.
The institution began as Britton Federal Credit Union, chartered on May 18, 1942. Its original charter members included Norman Wallace, Harry Dyer, W.F. Reisenweber, F.A. Bundrock, Russell Dodds, Floyd Eberlein and William Bosse. By 1984, records in Britton’s Centennial book showed the credit union had grown to 685 members.
The field of membership initially included patrons of the Farmers Union Co-op Association of Marshall County within a 25-mile radius of Britton. That definition was broadened in 1977 to include all residents within 25 miles, regardless of co-op membership. In 2007, following a membership poll, the institution changed its name to Norstar Federal Credit Union. A major milestone came in 2019 with the move into its new facility at 515 Vander Horck St. in Britton.
Norstar currently serves 2,786 members of all ages and manages $73.6 million in assets. Membership is open to those who live, work, worship or attend school in Marshall, Brown or Day counties in South Dakota or Sargent County in North Dakota, as well as their immediate family members.
Credit unions in the United States date back to 1909. Today, there are about 4,600 credit unions nationwide, serving more than 140 million members with a combined $2.2 trillion in assets. What makes credit unions unique is their not-for-profit structure. “All earnings are returned to the members,” said Norstar CEO Jay Kruse. “That means lower loan rates, higher savings rates and fewer fees.”
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