Celebrating 75 years of
Community and Growth
In the heart of 1949, a gathering of 125 individuals at the Toro Company on Snelling Avenue marked the beginning of what would become Toro Employees Federal Credit Union. This initial meeting, held on October 4th, saw Carl Ekstrom elected as Chairman and Edna Metzger as secretary, laying the foundational stones of an institution that would flourish for decades to come. It was a visionary group that included Andrew Berkley II, Lee Bowland, John “Jack” Kendall, and James Ryan, who were pivotal in shaping the credit union’s early years. Toro officially opened its doors on October 10, 1949.
Jack Kendall emerged as a pivotal figure, serving over 20 years as treasurer/manager, among other roles. He knew the struggling young organization was about to be shut down by bank examiners who didn’t approve of the disarray into which the books had fallen. Kendall kept the books by hand, carrying them around in an old leather satchel until 1973, when the computer took over most of the credit union’s routine tasks. That was the same year Ben Yarolimek was hired as the first manager.
From humble beginnings with a membership share of just 25 cents and loan ceilings set at modest amounts, the credit union made its first loan of $100, paving the way for countless others to achieve their financial goals. $1 million in assets was achieved by 1975 and was doubled by 1979.
Throughout its history, Toro Credit Union has witnessed significant milestones, from the move to Bloomington, Minnesota, in 1962 to the adoption of a Federal charter in 1974, allowing it to expand its services to other states. Today, the credit union boasts 3,175 members and over $36,000,000 of assets, a testament to its growth and the trust placed in it by Toro employees and their families.
