History

Indianhead Credit Union (ICU) was incorporated on March 1, 1961. The charter members, who formed the Credit Union, were Lloyd Potterton, Thomas L. Slayton, A. L. Corbin, John A. Broadfoot, Tony Mika, Anton Perme, Jr., Frank Sowers, and Rose Perme. Why did eight regular working folks come together to form a Credit Union? They saw a need for financial services, particularly loans to persons of average means, which was not being met in their community. The Credit Union was formed as a community charter Credit Union serving Washburn County residents and members of their immediate families. The Credit Union is state chartered and operates under the laws of the State of Wisconsin. We also follow National Credit Union Administration rules and regulations since our savings are federally insured by the National Credit Union Share Insurance Fund.
In 1961, the Credit Union had a $.25 membership fee, $5.00 shares and only made small consumer loans. The Credit Union started out at the Co-op store and in 1969, the Credit Union moved to a single office in the First Agency Insurance Building. At this time, the office was open three days a week for three hours a day. Certificates of Deposit were first offered in late 1976. During 1982, the Credit Union started offering IRAs, expanded payroll deduction, and sold money orders. The Credit Union switched to an online data processing system in 1984 and purchased a building at 526 River St. in 1985. Real estate loans were first offered in 1986. From 1986 through 1989 the following services were added: share drafts (checking accounts), Line of Credit Loans, Home Equity Loans, Super Rate Accounts, Christmas Club, and Escrow Accounts. In addition, Omaha Credit Union merged with Indianhead Credit Union, and our charter was changed to include the employees of the Chicago Northwestern Railway, in the second addition. In 1990, the Credit Union moved to its current location at 104 E Maple St. At the end of that year, Grantsburg Community Federal Credit Union merged with Indianhead Credit Union. Grantsburg Community Federal Credit Union was originally formed in 1949 and had an office in Grantsburg and Luck. With the merger of the two Credit Unions, our charter was changed to include Burnett County and Polk County north of Highway 8. The office in Grantsburg was maintained to serve the residents of Burnett and Polk Counties. In 1991, the Credit Union began its planning process. In 1994, the Credit Union went from an online data processing system to an in-house system. During 1995 and 1996 new services included secondary market mortgage loans, construction loans, and savings bonds. Debit cards were offered for the first time in 1997 as was ACH origination. In 1999, wire transfers and NADA valuations were added as new services. The Grantsburg office was remodeled, and credit cards were offered in 2000. The Dealer Track program, which allows the Credit Union to register cars and trucks at our offices, was started in 2002. In 2003, the Spooner office was remodeled to add a room for our loan files and two modular offices in our lobby to provide more privacy for our members. The Credit Union changed its Charter to include all of Polk County, Barron County, and Sawyer County in 2007. Since 2004 we have added the following services: our web site, on-line banking, e-statements, on-line loan applications, e-alerts, e-notices, Down Payment Plus assistance program (FHLBC program), member ACH origination, bill payment, mobile app, remote deposit capture, and joined a free ATM network.
On January 1, 2017, Douglas County Credit Union, Catholic Credit Union, Lake Superior Refinery Credit Union, and Water-light Credit Union merged with Indianhead Credit Union and our charter was changed to include Douglas County. Effective May 31, 2017, Fire Department Credit Union in Superior merged in with Indianhead Credit Union. Effective April 27, 2023, Indianhead Credit Union expanded its Charter to include Bayfield, Ashland and Rusk Counties. The Credit Union added St. Louis County (MN), Carlton County (MN), and Pine County (MN) to its Charter in May 2023.