Since pioneer days, Minnesotans have believed in working together to provide the most important and common human needs such as housing, education, health care, community safety and places of worship. That's why today Minnesota is a national leader in the quality of human services provided through both private and public sources.

In resource-rich northeastern Minnesota, immigrant miners, loggers and fishermen quickly discovered that only by working together could they tame the wilderness and provide for their families. A sense of “community” was important.

Some of the state’s first “cooperatives” were established in northeastern Minnesota, driven by the need to make products and services available at a reasonable cost to under-served rural communities. Indeed, Minnesota’s first health care cooperative was founded in Two Harbors in 1944.

People who shared a common bond and a common goal started cooperatives. Bonds were often by occupation, living in the same area, an association with an organization, or affiliation with a church. The goal was to provide products or services at the lowest possible cost through many volunteers and a nonprofit status.

People in the Two Harbors area who believed townspeople could benefit from an alternative to commercial banks founded THFCU in 1948. Founders envisioned a model financial cooperative where people pooled their money for borrowing and would have a safe place to save money. In contrast to a commercial bank, the “credit union” – as financial cooperatives came to be known – is owned and managed by its members, and has a nonprofit status that allows excess revenue to be returned to members. Because the founders wanted many people to enjoy the benefits of the credit union, they opened membership to anyone living or working in Two Harbors and the immediate surrounding area. They secured a federal charter and backed deposits with government insurance.

THFCU has not strayed from the vision of its founders. Early members relied on the credit union for home loans and even in today’s highly competitive mortgage lending arena, members still overwhelmingly choose THFCU for home loans. More than 60% of loans are to purchase or refinance a home – a percentage that is far greater than the national average for credit unions. Additional THFCU loans address other needs of families and individuals: car loans, school loans, debt consolidation, home equity loans, loans for recreational vehicles and travel. Rates are at least “at market” and more often than not, below market.

For savings, THFCU has all the savings products a person would expect from a full-service financial institution, including financial planning. All savings products return “dividends” (or “interest”) at least “at market” or above. The financial planning service is at no cost. THFCU also makes life insurance available to members at an amount equal to the value of eligible savings accounts, up to a policy maximum. This “life savings insurance” is also free.

THFCU realizes the choice of a financial institution most often revolves around the service most frequently used – checking. At THFCU members have a choice of checking (or "share draft") accounts and can choose which type will fit their needs. Members can access their accounts by any of three ways: in person, by phone or online 24 hours a day.

THFCU makes financial transactions and management convenient with a VISA credit card that has no annual fee, and a 24-hour drive-up ATM – a service that is also free to members.

THFCU is an integral part of the geographic area we serve today, whether the yardstick is families represented by our membership (more than 5,150 total members) or community involvement. From our original geographic field of membership, which was the greater Two Harbors area, the area we serve grew in 2003 to include all of Lake County and in 2004 to include Lakeside and Lester Park neighborhoods in Duluth, and townships north from Lester Park including Bassett.

THFCU actively supports organizations that share credit union values. And we nurture our community’s most valuable asset – our young people – with academic scholarships available to high school seniors who are members of THFCU, or whose parents are.

Kids Are Our Community's Future  A lot of our community service involves kids – like sponsoring the Two Harbors Federal Credit Union Soccer Clinic. Here kids hone their skills and learn what it takes to be a team player. Our history has always been one of growth – in members, assets, services and quality of service, and member conveniences. We welcome you into a relationship with a strong financial partner guided by friends and neighbors committed to the best interests of our members.

THFCU President and CEO Dean Croft and THFCU Soccer Clinic kids.