TruStone began in 1939 as Minneapolis Federation of Teachers Credit Union with a group of eight Minneapolis teachers who decided the best way to have financial security was to help each other. Our Certificate of Organization was applied for on June 18, 1939. On September 21, 1939 the credit union opened for business. Rumor has it that in the early days, the credit union’s money and records were kept in a tackle box in the founders’ garage.
Membership grew slowly in the early years, but the promise of success was definitely in sight. From 1939 to 1949, the first 100 members joined with assets of $15,000. In the next ten years, membership grew to 1,000 with $500,000 in assets.
In 1967, at the 28th Annual Meeting, the membership was expanded to include teacher federation members in all of Hennepin County. So, the credit union had its first name change to Teacher Federations Credit Union.
In 1982, the credit union merged with Minnesota Federation of Teachers Credit Union and in 1988, the credit union’s name changed again to Teacher Federal Credit Union or TFCU for short. By then, the credit union was serving teachers and their families throughout the state of Minnesota.
In 2004, the credit union paid homage to its city roots by expanding membership to serve the cities of Minneapolis and St. Paul. With that expansion, the credit union changed names again in 2009 to TruStone Financial Federal Credit Union. By this time membership had grown to more than 57,000 with assets of more than $621 million.
In 2011, TruStone Financial merged with Ukrainian Credit Union (UCU) in historic Northeast Minneapolis and maintained the existing branch location called home by UCU since 1968. This branch is located inside the Ukrainian Center. With this addition, the total location expanded to eight branches throughout the Twin Cities and St. Cloud.
TruStone Financial saw significant growth in 2012. The credit union acquired the assets of A M Community Credit Union in Kenosha, Wisconsin, along with four branch locations, including a student branch. At the end of 2012, TruStone Financial continued to be one of the largest credit unions in Minnesota with assets exceeding $850 million and nearly 77,000 members at 12 branch locations throughout Minnesota and Wisconsin. In April 2013, the credit union merged with Ladish Community Credit Union in Cudahy, Wisconsin.
While the credit union has seen significant changes over the last 70+ years, our commitment to you has never been stronger. We appreciate your membership and your business and we’re excited to see where we go together in the next 70 years.