For nearly 90 years, First Alliance Credit Union has been offering an alternative choice to traditional banking to the people of Rochester and surrounding areas.

Deep rooted in the community

First Alliance’s presence in the community dates back to 1932. It was during the Great Depression and trust in banks was low. So to help a local school teacher buy a home, seven Rochester firefighters pooled their resources together to form their own credit union.

What they started that day in the downtown firehouse, with just a few thousands dollars in assets, has since turned into a regional financial institution with more than $260 million in assets, 19,400 members, and six total branches in Rochester, Byron, Stewartville, and Lake City.

All the while, First Alliance remains grounded in the tradition of putting its members first.

“We are deep rooted into the community and always will be,” shares Lisett Comai-Legrand, Director of Retail Member Experience at First Alliance.

Here to serve

Among the top priorities for the team at First Alliance is meeting people where they are at — that means building relationships with members, and always being upfront and honest.

In Comai-Legrand’s mind, it’s that sense of solution-oriented approach that separates First Alliance from the larger, for-profit institutions.

“A lot of stories we hear are: ‘I went to the bank, I wanted to get a car loan, they said no, I left.’ Ours is much more conversational; here’s why this didn’t work and here’s what we can do to make that happen,” she explains.

By putting members ahead of profits, First Alliance is able to empower members to achieve their financial goals. That is because rather than report to shareholders, First Alliance is a financial cooperative that reports to its members, including through a volunteer board.

“It’s a level playing field — $5 to open an account,” says Comai-Legrand. “That $5 is your one vote, your one share in the credit union. You could have a million dollars with us or $10 with us, you are going to be treated equally across the board. It’s very equitable in that way.”

Investing in the future

Despite the difficulties of the past two years, First Alliance has forged away with new investments aimed at becoming more accessible to its members.

This includes a branch inside the state-of-the-art First Alliance Commons space in Rochester’s West Circle Drive area, along with a new branch in Lake City.

At the same time, the credit union has also made significant advancements in its technology, from online banking to money management software and credit score monitoring.

The most noticeable update, though, has been the introduction of the self-service kiosks at its branches. First Alliance had already been planning to make the transition to the kiosks — equipped with palm vein technology — prior to the pandemic, but decided to accelerate their implementation out of concern for their members’ health and safety.

Lisett Comai-Legrand said the kiosks not only allow for more efficient, contactless transactions, but they also allow staff more time to do what they do best: building relationships.

“We are making the basic transactions self-serve so we can spend more time with members when they need it most,” she explains. “We now have even more time for real conversations.”

Building a more inclusive credit union

At First Alliance, being a part of the community often takes on multiple meanings — from offering financial guidance, to ensuring people have access to essentials like food and housing.

One of its latest initiatives involves a collaboration with the Intercultural Mutual Assistance Association, a nonprofit supporting refugees and immigrants across southeast Minnesota. As part of the partnership, First Alliance has worked to promote financial literacy while also setting up a fund to help expand broadband access to underserved populations.

“The fund was created to ensure all members of our community have access to affordable and reliable internet in a time where we are needing to rely more and more on virtual technology for life, work, and school,” explains Jenna Taubel, Director of Brand and Digital Member Experience for First Alliance.

Increasingly, as the events of the past two years have highlighted racial and economic disparities, First Alliance has made it a core priority to consider social equity in its decision-making, says President and CEO Michael Rosek.

As part of this work, First Alliance now has a D.E.I. task force that meets monthly to discuss topics ranging from diversity to mental health. While Rosek recognizes the work is far from done, he does believe First Alliance is positioning itself to be a more inclusive institution.

“It’s about hearing from people of different cultures and backgrounds — from a grassroots level — and learning about their experiences,” shares Rosek. “It opens our eyes and ears to how we can be more equitable, more inclusive with all of our community.