Credit union · NCUA insured
Novation Credit Union
A $252.3M credit union headquartered in Oakdale, MN, with 14,384 members and 2 branches in Minnesota. Best rates: CDs 4.00% and savings 2.55% APY.
Novation Credit Union Carrot Score
85
Carrot Score
Higher than 70% of U.S. banks and credit unions
#24 of 97 in Minneapolis, MN-WI metroHow the score works →
Deposits are federally insured by the NCUA up to $250,000 per depositor.
About Novation Credit Union
Founded in 1954 as Minne-Mine Credit Union by eight 3M employees, Novation Credit Union is a member-owned, not-for-profit financial cooperative.
Following its July 1, 2026 merger with Heartland Credit Union, Novation serves 11 Minnesota counties with branches in Oakdale, Hutchinson, Inver Grove Heights, Hugo, and New Prague.
- Headquarters
- 500 Imperial Ave N, Oakdale, MN 55128-7151
- NCUA charter
- 65063
Membership
Who can join
This may be incomplete or out of date, so check with the credit union before you apply.
Open to anyone
- Membership is open to anyone who supports the Novation Foundation with a minimum $10 donation.
Where you live or work
- Membership is open to individuals who live, work, go to school, or worship in 11 specified Minnesota counties.
Employers and groups
- Employees and retirees of 3M are eligible for membership.
- Employees and retirees of CHS are eligible for membership.
- Employees and retirees of Land O'Lakes are eligible for membership.
- Employees and retirees of Solventum are eligible for membership.
1 more way to join
Family and household
- Family members of current Novation members are eligible for membership.
Cost to join
- Membership requires a minimum opening deposit of $5 into a Primary Savings account, which is withdrawable if membership is discontinued.
Branches
2 branches in Minnesota
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Minnesota
2 branches
Minneapolis area · 1
- Novation Credit UnionMain office500 Imperial Ave N, Oakdale, MN 55128Directions
Hutchinson area · 1
- Hutchinson Branch45 Hassan St SE, Hutchinson, MN 55350Directions
Walk-in offices from the NCUA directory as of March 31, 2026. Directions open Google Maps. A nearby branch doesn’t mean you can join or open an account.
Financial details
Well capitalizedas reported to the NCUA
| Measure | This credit union | Peers’ middle | Strongest quarter |
|---|---|---|---|
| CapitalNet worth ratio | 10.99% | 11.43% | 13.58% or more |
| Troubled loans60+ days late | 0.66% | 0.68% | 0.39% or less |
| ProfitabilityReturn on assets | 1.08% | 0.75% | 1.18% or more |
| LendingLoans per $100 deposited | $82 | $76 | — |
- CapitalNet worth ratio10.99%Peers’ middle 11.43% · Top 25% 13.58%+
- Troubled loans60+ days late0.66%Peers’ middle 0.68% · Top 25% ≤0.39%
- ProfitabilityReturn on assets1.08%Peers’ middle 0.75% · Top 25% 1.18%+
- LendingLoans per $100 deposited$82Peers’ middle $76
Compared with the 1,338 credit unions with $100 million to $1 billion in assets. The strongest quarter is what the best 25% of them reach: more capital and profit, fewer troubled loans. Lending has no better end.Troubled loans are loans 60 or more days late.
Regulators’ own ratings of Novation Credit Union are confidential. These figures are what it reports to the NCUA each quarter, set beside its peers; they aren’t a rating.