INVER GROVE HEIGHTS, Minn.—Heartland Credit Union and Novation CU have announced plans to merge, creating a combined Minnesota-based credit union that would serve members across 11 counties, pending regulatory and member approval, according to a joint announcement.
If approved, the merger would take effect in summer 2026.
Under the proposed deal, the combined organization would operate as Novation Credit Union and be led by Novation President and CEO Mike Kronebusch. The merger would bring together two credit unions with deep ties to major Minnesota employers, including 3M, CHS Inc., Land O’Lakes, and Solventum, while expanding access to branches, products, and services for members of both institutions, the CUs stated.
Kronebusch said the merger would strengthen the credit union’s ability to support both select employer groups and surrounding communities, noting that expanding service to employees of additional major employers positions Novation as a leading SEG-focused credit union in the state. Heartland President and CEO Kathy Harrington described the merger as a natural fit rooted in shared values and a member-first philosophy.
Heartland Credit Union, founded in 1939, holds $175 million in assets and serves nearly 11,000 members through four branches across 10 Minnesota counties. Novation Credit Union, established in 1954, reported $242 million in assets and more than 14,000 members, with branches in Oakdale and Hutchinson. Together, the institutions would combine their financial strength and geographic reach.
Both credit unions said their boards unanimously support the merger, emphasizing continued commitments to employees, retirees, and member service. Additional details and updates will be shared as the approval process moves forward, the organizations said.