In 1954, a group of Red Wing Shoe Company employees decided to form a cooperative from which they could save and borrow at reasonable rates. The Red Wing Shoe Company Employees Credit Union began operation on June 1, 1954 in Plant 1 of the Red Wing Shoe Company, operated by members/volunteers. Professional staff was hired as the credit union grew, but the office remained within Plant 1 until August 1985, when it relocated to the Armory Center. In 1987, the credit union expanded its charter to allow employees of companies other than the Red Wing Shoe Company to join. The St. James Hotel and S. B. Foot Tanning Company were the first of many local employers who have since joined our field of membership.
The credit union moved to its current location in August 1993. This move gave us much needed office space, parking, and additional drive-thru lanes. To more accurately represent our diverse membership, members approved a name change to Red Wing Credit Union in 1997.
In 2000, Red Wing Credit Union added a major expansion to accommodate our growing membership. In 2002, we welcomed Xcel Energy to our list of SEG groups. In 2003, we received a community charter from the Department of Commerce opening our membership to all people living, working, or doing business in Goodhue County.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
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NMLS 1795154