Who We Are
We are a credit union. A credit union is a not-for-profit financial cooperative owned by and operated by you and your fellow members. There are no stockholders, partners, or outside owners.
Dakotaland is governed by a 7-member Board of Directors. Directors are Dakotaland members who are unpaid volunteers elected by the membership. These dedicated individuals set the direction of the credit union and set policies the credit union's management and staff follow in achieving our Vision and Mission. Directors serve three-year terms. Dakotaland also has a volunteer Supervisory Committee whose primary responsibility is to ensure that the Credit Union's financial position is both safe and sound.
Board elections are held every year during the Dakotaland Federal Credit Union Annual Meeting. Each member receives one vote, regardless of their account balance, as long as $5.00 is maintained as a minimum balance in the Primary Savings Account. This democratic form of organization ensures the institution remains responsive to the needs of our member/owners.
Unlike banks, a credit union has no stockholders. The members who use our services are our number one priority. All credit union earnings return to members as dividends on their savings accounts, competitive loan interest rates, cost of member service, or contribute to reserves.
Each member's savings is insured to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency. Individual Retirement Accounts are insured separately up to $250,000 per member.
Dakotaland Federal Credit Union is a full-service financial institution, taking pride in serving its members. We offer Savings Accounts, Checking Account, Certificates Of Deposit, IRAs, Visa Credit Cards, and Advantage ATM & Check Cards. Dakotaland offers a wide variety of lending services including Auto Loans, Real Estate Loans, Recreational Vehicle Loans, Business Loans, Student Loans, Life Event Loans, Overdraft Protection and much more.
Our Mission / Vision
To always put the Member first and to be the preferred financial institution in our service areas. This means we want to be your first choice for all of your financial needs. To achieve that, we need to earn your business and trust. We strive to do that everyday by continuously improving the services we offer and make them available to you.
To serve our members with economical, quality service in a friendly and convenient manner.
According to the history books, Dakotaland Federal Credit Union came from humble beginnings in Huron as Armour Federal Credit Union with a mere 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.
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 plant closing (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.
In 2010 the Credit Union obtained a 25 county rural community charter expansion. This charter allows Dakotaland to extend credit union services to anyone who lives, works, worships or attends school 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 and Deuel.
To date, Dakotaland has expanded to nearly 28,000 members and over $253 million in assets with branch offices located in Brookings, DeSmet, Huron, Madison, Redfield, Volga, Mitchell and Woonsocket.
Volga Federal Credit Union was formed in the late 1960's and its charter groups were
Sioux Valley Schools, Land O'Lakes and the Volga COOP. Volga FCU merged with
Dakotaland in January of 1997.
Dakotaland Federal Credit Union opened the Woonsocket Branch in April of 2004.
Chartered in 1955, SDSU Brookings Federal Credit Union served SDSU and the City of
Brookings. Their merger with Dakotaland took place in June of 2005.
Dakotaland Federal Credit Union created the North Branch location in December of 2005.
Interlakes Federal Credit Union was established in 1970 and merged with Dakotaland in
October of 2011. Interlakes' community charter served those in Lake County.
Dakotaland Federal Credit Union established the De Smet Branch in November of 2011.
Turtle Creek Federal Credit Union merged with Dakotaland in January of 2012, but was
originally founded in 1935. Turtle Creek had a community charter and served those in
Mitchell Area Federal Credit Union began as H of MSD Federal Credit Union on
July 28, 1954. Their merger with Dakotaland took place in January 1, 2014.
A Credit Union exists to serve a specific group of people, such as a group of employees or the members of a professional group. This is called a "field of membership".
There are several ways to qualify for membership at Dakotaland Federal Credit Union. The first is through our field of membership which includes all those that live, work, worship or attend school in the following counties:
It is also possible to be eligible through current Dakotaland members. Relatives of credit union members are eligible to join if they are a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparent, stepchild, stepsibling and adoptive relationships.