Dec, 31, 2023 — MID MINNESOTA FEDERAL CREDIT UNION is a federal credit union headquartered in BAXTER, MN with 12 branch locations and about $725.28 million in total assets. Opened 54 years ago in 1970, MID MINNESOTA FEDERAL CREDIT UNION has about 61,747 members and employs 176 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MID MINNESOTA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 13283 Isle Dr BAXTER, MN 56425-8554 |
| Phone: | (218) 829-0371 |
| Fax: | (218) 822-2455 |
| Website: | https://www.mmfcu.org |
| Branches: | 12 branch locations |
| Members: | 61,747 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 20194 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1970 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $725,279,579 |
| CEO/Manager: | Bob Gerads |
| Chairperson: | Greg Lange |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 53,765,386 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 152,467 |
| Real Estate Loans | 136,771,653 |
| Unsecured Loans | 24,628,832 |
| Other Loans | 438,675,014 |
| TOTAL LOANS | 610,236,459 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,065,946 |
| Land And Building | 21,419,731 |
| Other Fixed Assets | 2,806,139 |
| NCUSIF Deposit | 5,938,046 |
| All Other Assets | 1,960,206 |
| TOTAL ASSETS | 725,279,579 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 10 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 10,259,933 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 70,098,941 |
| Regular shares | 322,641,927 |
| All Other Shares & Deposits | 259,276,550 |
| TOTAL SHARES & DEPOSITS | 652,017,418 |
| TOTAL LIABILITIES | 662,277,361 |
| Regular Reserve | 0 |
| Other Reserves | 3,085,844 |
| Undivided Earnings | 59,916,374 |
| TOTAL EQUITY | 63,002,218 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 725,279,579 |
| INCOME & EXPENSE | |
| Loan Income | 27,554,826 |
| Investment Income | 2,333,141 |
| Other Income | 4,563,878 |
| Total Employee Compensation & Benefits | 16,563,250 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 11,939,148 |
| Non-operating Income & (Expense) | -4,679 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,662,605 |
| Cost of Funds | 6,908,446 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,039,335 |
| ↑ Back to Top | |