Our History

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 always competitive.

THFCU has all the savings products a person would expect from a full-service financial institution, including certificates, retirement savings, and no-cost financial planning. All savings products return dividends (interest) at a market-competitive yield.

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 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 shopping convenient and rewarding with our Rewards Visa. Enjoy a competitive interest rate, no annual fee and free ATM access from our office on 11th Street. Plus earn rewards for every purchase. See how much you’ve earned and redeem points at uChooseRewards.com.

THFCU is an integral part of the geographic area we serve today. 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 our community and organizations that share credit union values. We nurture our community's most valuable asset - our young people - with academic scholarships available to high school seniors and those returning to school to complete their course of study.

As evidenced by our history, People Helping People is not just our founding philosophy but something we demonstrate each and every day. We've lived it for decades and intend to keep the focus on you for many decades to come.

Additional Resources

2023 Annual Report
NCUA - My Credit Union
Minnesota Credit Union Network
Credit Unions - A Smarter Choice

Our Mission

Two Harbors Federal Credit Union is a member-owned, full service financial cooperative dedicated to meeting the financial needs of its members and our communities.

Our Leadership

Volunteer Board of Directors

Greg Ruberg – Board Chair
Jenny Miller – Board Vice Chair
Nick Osbakken – Board Secretary/Treasurer
Julie Benson - Director
Megan Olmscheid – Director
Cheryl Passe – Director
Al Peterson – Director

Volunteer Supervisory Committee

Jeffrey A. Nielsen – Supervisory Committee Chair
Cheryl Passe - Supervisory Committee Member
Hunter W. Truscott – Supervisory Committee Member

Executive Management

Randy D. Willert - President/CEO
Darla M. Abrahamson - Vice President of Lending
Jerry L. Hostetter - Vice President of Operations
Erin Mecklin – Director of Member Engagement