Dec, 31, 2023 — CENTRAL MINNESOTA CREDIT UNION is a federally insured state chartered credit union headquartered in MELROSE, MN with 25 branch locations and about $2.34 billion in total assets. Opened 85 years ago in 1939, CENTRAL MINNESOTA CREDIT UNION has about 84,690 members and employs 396 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CENTRAL MINNESOTA CREDIT UNION |
|---|---|
| Address: (Main Office) | 20 4th Ave SE MELROSE, MN 56352 |
| Phone: | (320) 256-3669 |
| Fax: | (320) 256-4532 |
| Website: | https://www.mymagnifi.org |
| Branches: | 25 branch locations |
| Members: | 84,690 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68604 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1939 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,335,249,765 |
| CEO/Manager: | Charles B Friederichs |
| Chairperson: | Steven Danzl |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 131,547,891 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 2,148,563 |
| Real Estate Loans | 1,351,460,671 |
| Unsecured Loans | 16,212,822 |
| Other Loans | 505,569,724 |
| TOTAL LOANS | 1,879,526,164 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -19,465,493 |
| Land And Building | 29,869,901 |
| Other Fixed Assets | 3,259,729 |
| NCUSIF Deposit | 15,839,035 |
| All Other Assets | 46,506 |
| TOTAL ASSETS | 2,335,249,765 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,247,072 |
| Notes & Interest Payable | 233,245,808 |
| Accounts Payable & Other Liabilities | 22,145,465 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 429,990,943 |
| Regular shares | 184,089,902 |
| All Other Shares & Deposits | 1,223,610,878 |
| TOTAL SHARES & DEPOSITS | 1,837,691,722 |
| TOTAL LIABILITIES | 2,094,330,067 |
| Regular Reserve | 0 |
| Other Reserves | -3,350,204 |
| Undivided Earnings | 244,269,902 |
| TOTAL EQUITY | 240,919,698 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,335,249,765 |
| INCOME & EXPENSE | |
| Loan Income | 100,388,643 |
| Investment Income | 6,223,474 |
| Other Income | 7,955,138 |
| Total Employee Compensation & Benefits | 42,935,617 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 24,230,559 |
| Non-operating Income & (Expense) | -1,572,934 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,186,408 |
| Cost of Funds | 37,275,435 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 20,092,134 |
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