Dec, 31, 2023 — MINNESOTA POWER EMPLOYEES CREDIT UNION is a federally insured state chartered credit union headquartered in DULUTH, MN with 3 branch locations and about $147.38 million in total assets. Opened 91 years ago in 1933, MINNESOTA POWER EMPLOYEES CREDIT UNION has about 5,126 members and employs 19 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 POWER EMPLOYEES CREDIT UNION |
|---|---|
| Address: (Main Office) | 30 W Superior St Ste 126 DULUTH, MN 55802-2191 |
| Phone: | (218) 336-1800 |
| Fax: | (218) 336-1839 |
| Website: | https://www.mpecu.com |
| Branches: | 3 branch locations |
| Members: | 5,126 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60377 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1933 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $147,383,740 |
| CEO/Manager: | Debora S Almirall |
| Chairperson: | Marcia Podratz |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,146,438 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 56,034,284 |
| Unsecured Loans | 2,980,966 |
| Other Loans | 43,949,130 |
| TOTAL LOANS | 102,964,380 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -732,332 |
| Land And Building | 0 |
| Other Fixed Assets | 585,102 |
| NCUSIF Deposit | 1,018,415 |
| All Other Assets | 0 |
| TOTAL ASSETS | 147,383,740 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 284,281 |
| Notes & Interest Payable | 21,500,000 |
| Accounts Payable & Other Liabilities | 906,158 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 20,843,765 |
| Regular shares | 29,500,993 |
| All Other Shares & Deposits | 59,402,126 |
| TOTAL SHARES & DEPOSITS | 109,746,885 |
| TOTAL LIABILITIES | 132,437,324 |
| Regular Reserve | 0 |
| Other Reserves | -4,611,191 |
| Undivided Earnings | 19,557,607 |
| TOTAL EQUITY | 14,946,416 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 147,383,740 |
| INCOME & EXPENSE | |
| Loan Income | 4,679,710 |
| Investment Income | 991,113 |
| Other Income | 256,069 |
| Total Employee Compensation & Benefits | 1,781,598 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,153,717 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 484,791 |
| Cost of Funds | 1,426,646 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,014,096 |
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