Our mission at Trades & Labor Federal Credit Union is to provide financial products, services, and education enabling members to achieve personal and financial goals to benefit their quality of life.
"People Helping People" Since 1958
History of Trades & Labor Credit Union
The official opening of Trades & Labor Credit Union took place on January 2, 1958 under the name of "Albert Lea-Blue Earth Building and Contruction Trades Council Credit Union". This took place in the corner of a conference room at the local Union Center building. This came about with the organization of the local unions forming Carpenters Local Union, then called Building Trades Craft.
- This union consisted of the following unions
- Carpenters #766
- Plumbers Local
- Sheet Metal Workers
- Labors Local
- Electrical Works
Each of these local unions were affiliated with the State Building Trades Council out of Minneapolis.The president of Carpenters #766, Harvey Paulson, attended meetings in Minneapolis and learned of the Carpenters Union of Minneapolis forming their own credit union. Harvey brought back this news to the trade committees. This idea was most favorable and the contract was made with the Minnesota State Council of Credit Unions to get a credit union started in the Albert Lea area.
The Credit Union received its state charter on January 2, 1958, thus, becoming a member of the Minnesota League of Credit Unions and a member of the Credit Union National Association.
The Credit Union was slow to get started needing volunteers to get savings built up in order to provide loans. During this time there was discussion going on of a merger of the American Federation of Labor and the Congress of Industrial organization. These organization represented most of the factories and plants in the area. When this merger became a reality AFL-CIO was formed. After this merger the combined organizations decided to join their common effors for members together locally. They pooled resources and efforts toward political and community benefits. Their combined efforts were the origin of the Albert Lea Trades & Labor Assembly. The Assembly sponsored youth sports. Christmas parties for area children, senior housing, and participated in politics for the benefits of its members. They also became our credit union sponsor by providing a wide field of membership and also paying the rent on our building for several years until the creidt union was able to go on its own.
On January 17,. 1968 the name of the credit union was officially changed to "Albert Lea Trades and Labor Assembly Credit Union." Since both the Assembly and the Assembly Credit Union had their offices in the same building mail was getting mixed up. Thus, the need for another name change was evident. On February 21, 1991 the name was officially changed to "Trades & Labor Credit Union".
In 1992 Trades & Labor Credit Union purchased an old train depot and moved in July of that year to its present location at 610 South Broadway. We are now in the west end of the depot and lease the east end to a local liquor merchant. This move provided the much needed room to serve our members along with a drive-up window.
In June 2002, Trades and Labor went from a state charter to federal charter; thus changing our name to Trades and Labour Federal Credit Union. With this change we are no longer governed by both the State Department of Commerce and by the NCUA. With this change we were able to reduce examination fees and open more doors in which to expand our membership.
In 2004, an underserved area within Albert Lea was added to our field of membership. Anyone who lives, works, worships or volunteers within this area can become a member.
Along with this underserved area, our present filed of membership consists of all unions affliated with Albert Lea Trades & Labor Assembly (their workers and their families). We currently server the following companies called SEGS (Select Employee Groups).
- Alamco Wood Products
- Albert Lea Bar & Restaurant Associations
- Birds Eye of Waseca
- Bridon Cordage
- Cargill Meat SOL
- Enderes Tool
- Fountain Industries
- Mayo Clinic Health System
- Minnesota Freezer
- Streater Inc
- Ventura Foods
- Waste System
- Wells Concrete