Our Story

Why choose us?

A Credit Union: People Helping People

Novation is a member-owned, not-for-profit credit union which means our success funnels back to our members through attractive rates, lower fees, and exceptional member service.

We offer a full suite of financial solutions, including checking, savings, loans, mortgages, and investment services. Members have access to an extensive network of fee-free ATMs, online and mobile banking, and personalized service via video banking.

Member-owned, not-for-profit financial cooperative

Full suite of financial solutions with great rates and minimal fees

Bank from anywhere with online account access and mobile apps

Financial planning via Novation Investment Services

Who we are

A long history (in short form)

Novation was established by eight 3M employees in 1954 as Minne-Mine Credit Union (the name Novation was adopted in 1998), primarily serving 3Mers on Friday afternoons: payday!

Over the last 70 years we have established deep ties with 3Mers and their families across the country. Membership growth at the 3M Hutchinson plant led to us opening a branch in Hutchinson that is still going strong today and receiving approval in 2003 to serve all residents of surrounding McLeod County.

Who we work with

Serving 3M, Solventum, McLeod County, and more

Today, our focus stretches from 3M Center in Oakdale, MN to McLeod County and a growing network of 3M plants across the U.S. where we engage with current and prospective members. We have continually adapted to changing opportunities for our members, recently expanding our field of membership to include Solventum employees as the new healthcare company spun from 3M in 2024.

In 2023, we launched the Novation Foundation to support like-minded organizations focused on reducing the burden of financial stress on our members, their families, and their communities.

Our Team

Executive Leadership

MIke Kronebusch President

Mike Kronebusch

President and
Chief Executive Officer

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Mike Kronebusch

President and Chief Executive Officer

Mr. Kronebusch joined 3M in 2001 where he held various finance and business leadership roles for 21 years before joining Novation in the fall of 2022. Beginning in 2014, he served on Novation’s Supervisory Committee, Board of Directors and finally as Chairman of the Board for the 3 years prior to joining Novation. He holds a Bachelor’s degree in Business Management from St. John’s University (MN).

Nick Altavilla

Vice President of Digital
Experience and Operations

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Nick Altavilla

Vice President of Digital Experience and Operations

Mr. Altavilla joined Novation in 2006. He has been in the banking industry since 2001. He earned a Bachelor of Science degree in Business Administration from Winona State University.

Terry Kahle

Vice President of Finance
and Chief Financial Officer

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Terry Kahle

Vice President of Finance and Chief Financial Officer

Ms. Kahle joined Novation in 2020. She has been in the credit union and banking industry for over 26 years. She earned a Bachelor's of Science degree in Finance from St. Cloud State University.

Tyler Sachse

Vice President,
Chief Marketing & Strategy Officer

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Tyler Sachse

Vice President, Chief Marketing & Strategy Officer

Mr. Sachse joined Novation in 2023 after five years as the Global Brand Strategy Leader for 3M's Safety and Industrial Business Group. He holds a Bachelor's degree in Journalism and Mass Communication, plus an MBA in Brand and Product Management, both from the University of Wisconsin-Madison.

Todd Brandel

Todd Brandel

Vice President and
Chief Lending Officer

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Todd Brandel

Vice President and Chief Lending Officer

Mr. Brandel joined Novation in 2008 and has been in the credit union industry for over 25 years. He has a Bachelor of Science degree from the University of Minnesota.

Board of Directors

Beth Edinger (Chair)
Bob Kody
Daryl Thoennes
Matt Juhl (Vice Chair)
Michelle Nephew
Joe Paul
Wendy Benson (Secretary)
Dan Carlson
John Schwalbach

Supervisory Committee

Beth Eskra
Mark Huberty
Morgan Weber
Waldo de la O