Brighter Banking since 1960.
TruStar began with a handful of people believing there was a better way to bank. It was their vision and commitment to offering better financial products to fellow papermill employees that sparked our creation.
In those 60 plus years, TruStar has changed. We have grown from serving papermill employees and families to welcoming both individual and business members throughout 6 counties of Northern Minnesota. We've evolved our technology and convenience, with access to thousands of free ATMs and state-of-the-art digital banking.
One thing that hasn't changed — not even a little — is our commitment to the financial success of our members. It is at the center of everything we do.
See banking in a whole new light.
History
Paper mill employees in International Falls were looking for a way to make the most of their hard-earned money. Each founder tossed five dollars into a hat and on July 1, 1960, MANDO Employees Credit Union was formed. One man’s savings was rewarded with the interest paid on a loan given another. Originally operated out of the apartment of one of our founders, it was staffed with volunteers only.
Our name changed to Boise Employees Credit Union in 1972 to reflect the change in ownership of the paper mill we served. We continued to serve this limited field of membership until 1985 when Koochiching County, School District 361, City, and State employees were added. BECU grew to support other areas in Northern MN and by 1999 became a federally chartered credit union.
In 2003 BEFCU adopted a more inclusive name that reflected our changes in field of membership and the member's perception of the credit union. TruStar was born out of the common themes found: Trust and Star performance.
Mergers with the 70-year-old Menahga Co-op Credit Union, and Headwaters Credit Union of Bemidji and Park Rapids allowed us to gain members and complete a decade long expansion plan. New branch buildings were now in Menahga, Park Rapids, and Bemidji. These were closely followed with the purchase of a building in Littlefork to serve our long-time members in that area. 2018 brought the addition of a new branch in Nevis strengthening our commitment to that area.
Mission
TruStar’s mission is to enrich the lives of our members and the communities in which they live and work.
The continued trust and support of our membership has allowed TruStar to grow and be inspired to give back to all the communities we serve. Our charitable donations and sponsorships are focused on organizations and events that support the health and vitality of our communities. We foster an environment where employees are encouraged to volunteer and many hold leadership roles on civic organizations and are members on various local boards.
Credit Union Difference
At first glance, there may not seem to be much difference between credit unions and banks - they both offer similar products and services. However, it’s how we do business that sets us apart:
- A credit union is a not-for-profit financial institution made up of people who share a common bond. In some cases, they have the same employer. In other cases, they live in the same communities or belong to the same churches.
- As a financial cooperative, any profits made are used to provide better interest rates, to reinvest in the organization and the community, or in some cases, to return dividends to members.
- For a $25 deposit into a Share Savings Account, you become a member-owner of TruStar Federal Credit Union.
- Members have an equal voice in deciding how the credit union is managed. The Board of Directors are elected by the members and serve as volunteers.
- In addition to offering a full range of financial services, credit unions take pride in educating their members and making them wiser consumers of financial services.
- Credit unions are also heavily involved in the communities they serve.
Board of Directors
Our Board of Directors is made up of a group of seven elected volunteers who oversee credit union operations and ensure we serve our members’ best interests. The key responsibilities of the board of directors include:
- Governance: Setting policies and ensuring compliance with laws and regulations.
- Financial Oversight: Monitoring the credit union's financial health and approving budgets.
- Strategic Planning: Hiring and evaluating the Chief Executive Officer.
- CEO Supervision: Hiring and evaluating the Chief Executive Officer.
- Member Representation: Acting in the best interests of the credit union's members.
Our Board plays a crucial role in guiding TruStar Federal Credit Union towards stability and success. Without their commitment to our cause, we would not have the quality credit union that we have today.
You may contact our Board of Directors by writing to:
TruStar Federal Credit Union
c/o Board of Directors
601 4th Street
International Falls, MN 56649
Supervisory Committee
Our Supervisory Committee is comprised of volunteers, appointed by the Board of Directors, who are responsible for ensuring the credit union operates properly and safeguards member assets. The key duties of the Supervisory Committee include:
- Oversight: Monitoring the credit union's financial reporting and internal controls.
- Audits: Conducting or overseeing audits to verify the accuracy of financial records and member accounts.
- Compliance: Ensuring the credit union adheres to laws, regulations, and internal policies.
- Accountability: Holding the board of directors and management accountable for their actions and decisions.
The Supervisory Committee plays a crucial role in maintaining the integrity and trustworthiness of the credit union through the regular auditing of all facets of the credit union.
You may contact our Supervisory Committee by writing to:
TruStar Federal Credit Union
c/o Supervisory Committee
PO Box 573
International Falls, MN 56649
