A $1.5 million deal clears the way for Minnesota’s largest credit union to build its first Med City branch in Northwest Rochester.
Wings Financial Credit Union purchased two parcels of open land totaling about 1.6 acres on Sept. 3. The Apple Valley-based credit union bought the land from the Iowa grocery chain Hy-Vee.
The plan is to build a new estimated $2.5 million branch on the land near the West Circle Hy-Vee grocery store. Development plans have already been filed for the 3,271-square-foot office building.
Olmsted County estimated the total market value for the two parcels of land at $953,000 for 2021-2022.
Wings Financial has 26 Minnesota branches, plus a recently opened one in Northfield. Wings Financial Credit Union reports having more than 300,000 members nationally, with branches in Minnesota, Michigan, Florida, Georgia and Washington.
That stretch of West Circle Drive nicknamed "Destination Money Center" has seen many new banks and credit unions deposit branches there in recent years.
First Alliance Credit Union, Altra Federal Credit Union, Sterling State Bank, West Bank, F & M Community Bank, Foresight Bank, Home Federal Savings Bank, Associated Bank, the Mayo Employees Federal Credit Union, Think Mutual Bank and US Bank all have locations in that area.