The History of America's Credit Unions
According to the history books, Dakotaland Federal Credit Union came from humble beginnings in Huron, South Dakota as Armour Federal Credit Union with only 10 members in 1935. The Credit Union was formed to provide savings and loans to its meat packing members. At that time, the average annual salary was $1500, the maximum credit union savings account was $500, and the maximum credit union loan was $25 dollars.
History
In 1983, the Credit Union's only sponsor group, Armour Meat Packing plant, closed, leaving 550 members wondering if they would lose their credit union permanently. The Board of Directors chose to expand the field of membership to include other employer groups in Huron and changed the Credit Union's name to Dakotaland Federal Credit Union. In 1997, another meat packaging plant closure (Dakota Pork) gave way to community charter approval for Dakotaland. With nearly 6,000 existing members, the Credit Union opened its doors and services to anyone who lived or worked in Beadle County.
Our history drew deeper and our story got better when the following cooperatives joined the Dakotaland Family: Volga Federal Credit Union in 1996, SDSU-Brookings Federal Credit Union in 2005, Interlakes Federal Credit Union and Turtle Creek Federal Credit Union in 2011, Mitchell Area Federal Credit Union in 2013 and Consolidated Hub-Co Federal Credit Union in 2018.
In 2010 the Credit Union obtained a 27 county rural community charter expansion. This charter allows Dakotaland to extend credit union services to anyone who lives or works in the counties of Beadle, Jerauld, Sanborn, Kingsbury, Brookings, Moody, Lake, Miner, McCook, Hanson, Davison, Aurora, Brule, Buffalo, Hand, Hyde, Hughes, Sully, Faulk, Spink, Clark, Codington, Hamlin, Grant, Deuel, Brown and Day.
The original Armour Federal Credit Union, dating back to 1935, is now known as Dakotaland Federal Credit Union since 1997.
