News & Announcements
Floodwood Area Credit Union to merge with Northwoods Credit Union
Floodwood, MN, April 2, 2018– On the evening of Thursday, March 22nd Floodwood Area Credit Union members voted in favor to merge with Northwoods Credit Union of Cloquet, MN. The merger will take place on April 1, 2018 creating a combined financial institution with more than $110 million in assets. The merger required prior approval from the MN Department of Commerce as well as NCUA.
"Our Board and Management started looking for potential merger partners and after much research, chose Northwoods Credit Union as they have very similar core values," said Patrick Babinski, Floodwood Area Credit Union CEO and President.
This merger will provide the Floodwood area members with products and services they were not able to get before such as Online Bill Pay, Mobile Deposit, additional mortgage products and many more products as well as longer hours. The Floodwood office will be open 8:00am-5:00pm Monday –Friday, opening at 9:00am on Wednesdays and will still be open 8:00am-Noon on Saturdays. All employees of Floodwood will remain and Pat will continue to manage the Floodwood office.
"We couldn't be happier that Floodwood chose us as a merger partner. It is increasingly more difficult for smaller credit unions to compete with the rising technology costs as well as regulations. Combining our resources through this partnership brings value to both credit unions, staff and our members." said Barb Brown, Northwoods Credit Union CEO and President.
Northwoods Credit Union has 8,500 members and is $91 million in assets. Floodwood Area Credit Union has 1,800 members and is $19 million in assets. Northwoods Credit Union currently has two offices in Cloquet and opened their Moose Lake office on Monday, March 19th. The combined credit union will serve everyone who lives, works, worships, attends school or volunteers in Carlton County, Pine County, St Louis County as well as the following townships, and cities or towns incorporated therein: Floodwood; Alborn; Arrowhead; Halden; Fine Lakes; Prairie Lake; Unorganized 52-21; Unorganized 52-22; Ball Bluff; Feeley; Saginaw; Wawina; Goodland; Cedar Valley; Van Buren; Ness; Meadowlands; Payne; Elmer; Toivola; Kelsey; Culver; and Stoney Brook.
Early 2019, Barb Brown to Retire
Our President and CEO, Barb Brown, is retiring in early 2019. Barb started here in 1987 when we were still Northwest Paper Employees Credit Union in a small office at the mill. At the time she was hired, her mom, Mardelle Proulx, was President until she retired less than a year later. From there, Barb has seen the credit union through many big changes including new buildings, Credit Union name changes and position changes
to accept the role as Northwoods Credit Union CEO in 2003.
In her 15 years as CEO, Barb has grown the credit union from just over 5000 Members and $36 Million in Assets to today having more than 8500 members and more than $90 Million in Assets. We are lucky to have Barb through the end of 2018.
Credit Union Builders Award
The Credit Union Builders Award honors remarkable individuals.
The name of the recipient is permanently displayed in the lobby of the Minnesota Credit Union Network and is a tribute to those who have dedicated time and energy to help build the credit union movement.
During her time as CEO, Barb has helped us grow to the strong and welcoming credit union it is today.
There have been many hurdles over the years and has stepped up to make them a positive change.
She has been an integral part of the success of the credit union. She is a very dedicated person not only to the credit union, but to the whole community.
As you know Barb will be retiring in Jan. We will miss HER and her smile/ Congratulations Barb on the award.
IMPORTANT NOTICE REGARDING YOUTH ACCOUNTS!
New Youth Club Starting the week of Youth Week!
Introducing our NEW, IMPROVED Youth Accounts for kids 12 and younger! Starting in April, we will offer a new youth kids club! The purpose of the kids club is to help teach our youngsters to learn to save. Our old program based this on how much money they saved and we want to focus more on the act of saving. So, rather than reward for each $1 saved, we're going to reward for each time kids deposit $5 or more in to their savings. Points will be earned and accrued differently as well. Stop in during 2018 to convert your points from our old program to our new program to assure you don't lose any points! Each child will receive their own booklet so they can begin to keep track of their new stamps themselves.
Here's how it works:
Each visit with a deposit of $5 or more will earn the kids club member a stamp. Once they have 10 stamps, they can turn in their book for a prize! If they wish to keep saving, they can continue to earn stamps until they reach 20 stamps, then turn in their booklets for a 20 stamp prize and receive a new booklet.
With the new system there are no limits on how many prizes can be earned per calendar year. We will still have select gift cards available as prizes.
Here's how your current points will convert to the new club stamp system:
0-75 points = 5 stamps
76- 125 points = 10 stamps
126- 275 points = 15 stamps
276+ points = 20 stamps
For a full list of rules or if you have any questions, please contact us at 218-878-3944 or 218-878-3954 or via email at firstname.lastname@example.org.