Novation is a 3M employee-owned and governed organization. All 3M employees, their families and retirees in the United States, as well as the residents of McLeod County, are eligible for this unique employee benefit. With members in all 50 states and Puerto Rico, 3Mer’s have learned that the value of this employee benefit can easily be used anywhere they live. In addition, our Board of Directors is elected by the membership and has always been comprised of active and retired 3Mers. To
Although our overall emphasis has been to serve 3M members in the Twin Cities, we have also experienced success serving members at 3M Plants in Minnesota, Wisconsin, Iowa and South Dakota. The partnership between Novation and 3M has created an opportunity to work closely with Plant Managers and Human Resources in Aberdeen, Ames, Brookings, Hutchinson, Menomonie and Prairie du Chien to promote this unique employee benefit during on-site visits multiple times per year.
Since 1954, Novation has grown to over $230 million in assets serving over 17,000 members. With a strong and stable balance sheet, we are well positioned to continue our growth into the future. Key to this growth is never losing sight of our commitment to deliver our Brand Promise of partnering with 3Mers through their life’s milestones. By providing a genuine alternative to traditional banking, excellent member service and creating a strong level of trust, our constant goal is to have our members look to Novation for all their financial needs. It is a fact that putting members first is what it is all about, makes us successful and will always be our focus.
History
Novation has had a long history of serving the employees, their families and retirees of 3M. Originally chartered as Minne-Mine Credit Union, we were founded by eight 3M employees on June 24, 1954. By September of that year our first branch location opened in St. Paul at 925 East 7th Street primarily to serve members on Friday afternoons – 3M’s payday. As membership began to grow there was a need to increase office hours so a decision was made in 1958 to relocate this branch a few blocks away to 848 East 7th Street. This branch remained in operation for Minne-Mine until 1989 when the office relocated to a much larger facility at 1815 Suburban Avenue in Saint Paul.
Since the first branch office on East 7th Street, we have also served 3M employees in smaller branch locations: Newport, Hastings, Circle Pines, Oakdale, Woodbury, St. Paul, the Imation headquarters and 3M Center. Two other branch locations – New Ulm and Hutchinson – have an important place in our history.
In 1972, Minne-Mine opened branches in New Ulm and Hutchinson to serve the 3M employees in their respective plants. In January 1988, these two branches merged in order to provide superior service to the rapidly growing membership in Hutchinson. As changes came to the credit union industry, the State of Minnesota, in 2003, approved our request to provide credit union benefits to all residents of McLeod County. These significant changes have allowed the Hutchinson branch to grow, prosper, and solidify our relationship in the community to the point where it now accounts for over 25% of our overall assets.
On November 4, 1998, Minne-Mine Credit Union officially changed our corporate name to Novation. Today, Novation is headquartered at 500 Imperial Avenue in Oakdale, and operates major branch locations in 3M Center and in Hutchinson, MN.