Dec, 31, 2023 — MINNESOTA VALLEY FEDERAL CREDIT UNION is a federal credit union headquartered in MANKATO, MN with 3 branch locations and about $283.39 million in total assets. Opened 90 years ago in 1934, MINNESOTA VALLEY FEDERAL CREDIT UNION has about 17,835 members and employs 37 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MINNESOTA VALLEY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1640 Adams St MANKATO, MN 56001 |
| Phone: | (507) 387-3055 |
| Fax: | (507) 387-5235 |
| Website: | https://www.mnvalleyfcu.coop |
| Branches: | 3 branch locations |
| Members: | 17,835 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 19440 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1934 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $283,393,874 |
| CEO/Manager: | Nick S Meyer |
| Chairperson: | Steve L Erdman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 7,975,938 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 435,196 |
| Real Estate Loans | 79,008,690 |
| Unsecured Loans | 2,759,551 |
| Other Loans | 61,239,775 |
| TOTAL LOANS | 143,008,017 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -851,152 |
| Land And Building | 1,130,166 |
| Other Fixed Assets | 514,645 |
| NCUSIF Deposit | 2,454,445 |
| All Other Assets | 0 |
| TOTAL ASSETS | 283,393,874 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 528,398 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | -717,089 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 49,985,872 |
| Regular shares | 63,266,296 |
| All Other Shares & Deposits | 139,914,645 |
| TOTAL SHARES & DEPOSITS | 253,166,813 |
| TOTAL LIABILITIES | 252,978,122 |
| Regular Reserve | 0 |
| Other Reserves | 2,171,994 |
| Undivided Earnings | 28,243,758 |
| TOTAL EQUITY | 30,415,752 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 283,393,874 |
| INCOME & EXPENSE | |
| Loan Income | 6,654,475 |
| Investment Income | 2,313,400 |
| Other Income | 515,593 |
| Total Employee Compensation & Benefits | 2,608,983 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,571,284 |
| Non-operating Income & (Expense) | 382,978 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 56,822 |
| Cost of Funds | 3,180,408 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,253,309 |
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