On April 23, 1938, the State of Minnesota chartered the Missabe Employees Credit Union.  The field of membership included the employees of the Duluth, Missabe & Iron Range Railway (DM & IR) and the employees of the DM & IR Railway Employees Association of the Missabe Division.

The Credit Union operated out of one room at 226 3^rd St. in Proctor as a State Chartered Credit Union until October 1970 when it became a Federal Chartered Credit Union known as the Proctor Area Federal Credit Union.  At that time, the 1,200 member, $700,000.00, Credit Union changed from an Employee Credit Union to a Community Credit Union with a field of membership of the Proctor School District.

In 1978 the Credit Union constructed a new office at 410 2^nd Ave in Proctor where today the Proctor Office is located.

In 1984, the Proctor Area Federal Credit Union assumed the assets and membership of the liquidated Duluth Western Credit Union at 3924 Grand Ave. in Duluth.  The resulting combined Credit Union expanded its field of membership to include west of Lake Ave. within the city limits of Duluth.  This combined Credit Union grew to two locations and $8 million in total assets.

Today, we are still a Federally Chartered Credit Union who is backed by the NCUA.  We are still located in the same two locations, although both have gone through multiple remodels.  Our current field of membership includes everyone who lives, works, goes to school, or worships in Proctor (including the Proctor school district), Duluth, or Hermantown or who has an immediate family member who qualifies for membership.

Webster’s dictionary defines a credit union as: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (such as savings and checking accounts).

We like to think of it as much more than that. Credit unions are not-for-profit full service financial institutions that are here to serve you, our members. We offer many of the same features of banks: savings and checking accounts, ATM and debit cards, auto and home loans, online/app/audio banking and many others. Unlike banks, credit unions are owned by the members, so instead of paying stockholders, our profits go back to you in the form of higher dividend rates, lower loan rates, and less fees. Our focus is you and your needs. We don’t have quotas for the number of accounts to open or the dollar amount of loans to finance. We are your hometown credit union—listening to your needs and serving you one member at a time.

We are federally insured by the NCUA. Visit the NCUA for more information.