Member Login

THE MEMO

DAKOTA CREDIT UNION ASSOCIATION
  • Advocacy
    • Bill Tracking
    • Grassroots Action Center
    • Political Fundraising
  • Compliance
    • Compliance Resources
    • Compliance Solutions >
      • AffirmX
      • ComplySight
      • CU CMS
      • CU PolicyPro
      • InfoSight360
      • Jackson Lewis
      • PayLynxs
      • RecoveryPro
      • ViClarity
      • Training
    • The Memo: Compliance
  • Member Resources
    • DakCU Awards
    • Financial Well-Being for All
    • Professional Development >
      • Chapters
      • Emerging Leader Program
      • Sales CU Training
    • Strategic Partners >
      • CAP Program Directory
      • Compliance Solutions
      • Pee Wee and Friends®
    • Credit Union Awareness
  • News & Events
    • The Memo
    • Events Calendar
    • GAC
    • New Ideas
    • Par for the PAC
    • Sales CU Training
  • About Us
    • Board of Directors
    • Contact Us
    • DakCU Foundation >
      • Donor Wall
      • Foundation Golf Scramble
      • Memorials
      • Foundation Sweepstakes
    • DakCU Health Benefits Trust

Norstar FCU - A Tradition of Giving Back!

12/6/2021

 
Picture
​“We share our success with our members and our community – we give back because it’s the right thing to do,” says CEO Jane Duerre. 
Credit unions have always been known for their generosity in giving back, especially in times of trouble. As financial first responders, credit unions are a strong source of support for members, essential institutions and workers, and the greater community.

Norstar Federal Credit Union (Norstar) located in Britton, is part of this great tradition. “Norstar gives back because it’s the right thing to do,” says Jane Duerre, CEO. “We share our success with our members and our community because we believe that the more successful, we are, the more we should give back,” she added.

As a not-for-profit financial cooperative, Norstar’s earnings are returned to its members in the form of dividends, lower interest rates on loans, and higher interest rates on savings. This is a very different business model from most financial institutions, where profits are retained by shareholders. 

Norstar has distributed a dividend to their members on an annual basis for the last several years, ranging from $20,000 to $50,000. This year, the distribution will be a record amount of $150,000, which will be paid out on December 9, 2021, directly into each members’ savings account. 

“Our team realized that many of our members were facing hardships this year, mainly due to the change in their circumstances surrounding the pandemic,” Duerre explained. “Therefore, our board of directors has made the decision to authorize this increased dividend distribution to demonstrate that we are steadfast in our commitment to always do what is best for the members.”

Despite the COVID pandemic that plagued many businesses throughout the past year, Norstar FCU is ending 2021 in a very strong financial position, due in part to increased membership growth, as well as fee income from administrating Paycheck Protection Program (PPP) loans. In addition, Norstar received a Capitol Shares Refund from Members United Corporate Credit Union. 

A portion of their profits this year have been donated back to numerous organizations within the community. In fact, in 2021 alone, Norstar FCU’s donations have totaled over $100,000. 

“When we make financial contributions to our community, we help to create a stronger local economy, which results in a more robust and thriving place to call home,” stated Duerre. 

Timing was most definitely on this credit union’s side as the COVID pandemic struck. Norstar FCU had just moved into their new building in December 2019, prior to the outbreak. With two lanes for drive-up, an easily accessible ATM and a secure night drop, members could continue to safely do business. The credit union also added remote deposit capture and electronic signature capabilities to their services, which allowed them to continue to conduct financial transactions seamlessly.

The vacated space that was left behind when Norstar moved to their new location was not empty for long. The Marshall County clinic in town had an immediate need for additional space due to the pandemic, and a deal was quickly made for the clinic to set up shop in the old credit union space, helping medical staff to continue to serve the increasing demands for healthcare in their community.

Credit unions are also committed to “financial well-being for all,” supporting financial education at schools and for adults. Norstar FCU has made an impact by sponsoring a recent assembly at Britton High School, focused on the importance of financial literacy. The credit union also awards three financial assistance scholarships each year to high school and college students and plans to expand the number of awards in 2022.

While Norstar FCU continues to make a difference in their community, there are still many challenges that all credit unions face. One of those challenges is the misconception of what a credit union is, and who can join. Efforts are ongoing across the industry to increase awareness that credit unions are full service financial cooperatives, and there is a credit union for everyone. 

Additional challenges are always being met in areas of compliance and new regulations. For these important issues, Norstar FCU is a member of the Dakota Credit Union Association. Serving credit unions across the Dakotas, the association has experts in compliance, advocacy, marketing, technology, and education on staff.

Norstar FCU has grown into a successful $60 million credit union with nine employees, offering a full range of services including checking, savings, debit and credit cards, and all types of loans including new and used auto loans, AG, and mortgage loans. Those who live, work or worship in Marshall, Day, or Brown counties in South Dakota or Sargent County in North Dakota, you are eligible for membership.

Truly representing the best of “People Helping People” philosophy, the photos below show highlights of their more than $100,000 in donations over the past year.
Picture

Comments are closed.

    The Memo

    The Memo is DakCU's newsletter that keeps
    ​credit union professionals updated on current news and information. ​

    Memo Home

    Want the Memo delivered straight to your inbox?
    Sign Up Now


    Archives

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021


    Categories

    All
    Action Alert
    Advocacy
    Awards
    Awareness Campaign
    Compliance
    CUPAC/CULAC
    Dakota CUs Give Back
    Events
    Financial Well Being
    Foundation
    Fraud Alert
    Grants
    In The Spotlight
    Marketing Tips
    Member Solutions
    Miscellaneous
    ND Legislative Update
    News And Notes
    President's Perspective
    Press Releases
    SD Legislative Update
    Webinars

Copyright Dakota Credit Union Association.  All Rights Reserved.
2005 N Kavaney Dr - Suite 201 | Bismarck, North Dakota 58501
Phone: 
800-279-6328 | [email protected] | sitemap | privacy policy
Picture
Picture
Picture
Picture
  • Advocacy
    • Bill Tracking
    • Grassroots Action Center
    • Political Fundraising
  • Compliance
    • Compliance Resources
    • Compliance Solutions >
      • AffirmX
      • ComplySight
      • CU CMS
      • CU PolicyPro
      • InfoSight360
      • Jackson Lewis
      • PayLynxs
      • RecoveryPro
      • ViClarity
      • Training
    • The Memo: Compliance
  • Member Resources
    • DakCU Awards
    • Financial Well-Being for All
    • Professional Development >
      • Chapters
      • Emerging Leader Program
      • Sales CU Training
    • Strategic Partners >
      • CAP Program Directory
      • Compliance Solutions
      • Pee Wee and Friends®
    • Credit Union Awareness
  • News & Events
    • The Memo
    • Events Calendar
    • GAC
    • New Ideas
    • Par for the PAC
    • Sales CU Training
  • About Us
    • Board of Directors
    • Contact Us
    • DakCU Foundation >
      • Donor Wall
      • Foundation Golf Scramble
      • Memorials
      • Foundation Sweepstakes
    • DakCU Health Benefits Trust