Sep, 30, 2025 — NORTHWOODS CREDIT UNION is a federally insured state chartered credit union headquartered in CLOQUET, MN with 4 branch locations and about $174.88 million in total assets. Opened 90 years ago in 1936, NORTHWOODS CREDIT UNION has about 11,903 members and employs 55 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NORTHWOODS CREDIT UNION |
|---|---|
| Address: (Main Office) | 1702 Avenue B CLOQUET, MN 55720 |
| Phone: | (218) 879-4181 |
| Fax: | (218) 879-0965 |
| Website: | https://www.northwoodscu.org |
| Branches: | 4 branch locations |
| Members: | 11,903 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62847 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Sep 01, 2025 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $174,878,041 |
| CEO/Manager: | Terry W Burn |
| Chairperson: | Jeffrey Kletscher |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 17,915,035 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 325,099 |
| Real Estate Loans | 49,703,664 |
| Unsecured Loans | 17,243,540 |
| Other Loans | 66,145,670 |
| TOTAL LOANS | 133,092,874 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,070,704 |
| Land And Building | 7,506,870 |
| Other Fixed Assets | 543,791 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,572,691 |
| All Other Assets | 0 |
| TOTAL ASSETS | 174,878,041 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,650,761 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 33,477,203 |
| Regular shares | 61,181,532 |
| All Other Shares & Deposits | 62,521,296 |
| TOTAL SHARES & DEPOSITS | 157,180,031 |
| TOTAL LIABILITIES | 158,830,792 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 16,047,249 |
| TOTAL EQUITY | 16,047,249 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 174,878,041 |
| INCOME & EXPENSE | |
| Loan Income | 7,450,502 |
| Investment Income | 780,281 |
| Other Income | 573,445 |
| Total Employee Compensation & Benefits | 4,092,887 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 3,552,265 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 526,522 |
| Cost of Funds | 1,141,210 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,463,636 |
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