SPIRE Credit Union has reached 125,000 members, a monumental milestone in its 86-year history. SPIRE, the third largest credit union in Minnesota, has more than doubled its membership in 10 years.
Dan Stoltz, SPIRE’s President and Chief Executive Officer since 2010, took the helm amidst the Great Recession. Then a 10-branch credit union, SPIRE had lost $13 million and its future was uncertain. In Dan’s first four years as CEO, SPIRE doubled its equity, and began growing year over year.
Under Dan’s 10-year leadership, SPIRE has grown 120% in assets, 119% in employees, and now offers 20 branches throughout Minnesota, double the locations since 2010.
SPIRE originally incorporated as Twin City Oil Co-ops Credit Union on March 13, 1934 at the height of the Great Depression. Edgar Archer and six other employees of Midland Cooperatives Oil Association started their own credit union due to the member-centric business model. At its first Annual Meeting, the Credit Union had 52 members, $601.72 in savings deposits, and had lent out $1,276.98 over 34 different loans.
“We’re big enough to know how, and small enough to know our members,” said Dan Stoltz, SPIRE President/CEO, “Our mission at SPIRE is to improve lives, and our 300 employees work to achieve that every day. I am truly humbled to say that I am a part of TEAM SPIRE!”