Centricity Credit Union is a federally insured state-chartered credit union based in Hermantown, MN, serving 22,094 members with $311.9M in assets across 5 branches.
Editorially reviewed by Harvey Brooks
Centricity Credit Union was established in 1943 and has operated for 83 years as a member-owned financial cooperative. The institution is headquartered in Hermantown, Minnesota, and maintains 5 branch locations throughout the region. As a federally insured state-chartered credit union, it operates under strict regulatory oversight and participates in the National Credit Union Share Insurance Fund (NCUSIF) for member deposit protection.
The credit union offers a comprehensive suite of banking and financial services including checking and savings accounts, ATM/debit card programs, real estate loans, unsecured personal loans, and credit builder products. Their loan portfolio totals $254.3 million, with significant holdings in real estate loans ($116.1M), other loans ($129.3M), and unsecured loans ($6.1M). They advertise specific programs such as First Time Homebuyer Programs, Low Cost Wire Transfers, and Credit Builder offerings designed to serve diverse membership needs.
Centricity distinguishes itself through its membership model, which limits service to state-chartered natural persons, and its demonstrated financial stability. The organization maintains $311.9 million in total assets with a strong equity position of $43 million. Management is led by CEO Doug W. Ralston and Chairperson Margaret A Taylor. The credit union is an FHLB (Federal Home Loan Bank) member, providing access to additional liquidity and lending resources. Their last audit was completed September 1, 2024, with reported net income of $3.18 million.
As a regional credit union, Centricity serves a defined geographic area in northern Minnesota. While their asset size is modest compared to large national banks, they offer the personalized service and member-focused approach typical of credit unions. Prospective members should verify membership eligibility requirements and compare their rate offerings with competing regional financial institutions. The organization's 83-year history and stable financial metrics suggest reliable operations, though growth and service innovation may be limited compared to larger financial institutions.
Yes. Centricity is a registered company headquartered in , , founded in 1943. They hold a rating with the Better Business Bureau.
Membership approval and account opening typically takes 1-3 business days. Loan decisions are usually faster than traditional banks.
CreditDoc Diagnosis
Centricity Credit Union is best for northern Minnesota residents seeking stable, member-owned banking with personalized service and specific programs like first-time homebuyer assistance and credit building. The main caveat is that membership eligibility is restricted to state-chartered natural persons, and the institution's regional footprint and limited digital presence may not suit those prioritizing nationwide access or advanced online banking features.
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