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History

November 26, 1930 - The initial meeting of the Hormel Employees Credit union was held on November 26, 1930 at 4:00pm in the plant cafeteria. The Board of Directors set the entrance fee at 25 cents and the interest rate on unpaid loan balances was fixed at 1% per month. The maximum loan amount was $50.

December 1, 1930 – Hormel Employees Credit Union opened for business

January 20, 1931 – The Credit Union’s first Annual Meeting is held and a motion is made to join the Minnesota State Credit Union League

September 13, 1945 – Total assets reach $1 million for the first time

October 1955 – Jack Smith retires after 25 years as manager of the Credit Union. Joe Schneider, Sr. is named as the new manager

June 1962 – Two lots on 4th Street NE (Water Street) are purchased from Geo. A. Hormel Company for $4,000

March 12, 1963 – Operations began from the new Credit Union building

July 1966 – IBM computer system installation

December 1967 – Total assets hit $10 million

1971 – Entry fee remains at 25 cents

1978 – Total assets hit $25 million

March 18, 1980 – Annual Meeting celebrating 50th Anniversary was held with 510 in attendance

1984 – Ground Breaking and Grand Opening ceremonies held for current Austin location

1986 – VISA program is offered

1991 – Lobby ATM installed

1993 – PC-based teller system went online and cash dispatch machine for drive-thru area installed

1997 – Debit card program available to members

1998 – Direct Deposit becomes available

1999 – ATMs installed at Hormel Foods Corporate office and plant locations

2002 – Board approves by-law amendment to expand membership to a community charter to include Mower, Freeborn, Olmsted, and Winona counties

2006 – Albert Lea branch opens

2015 – Accentra celebrates 85 years of service to our members and communities