Sep, 30, 2025 — ELY AREA CREDIT UNION is a federally insured state chartered credit union headquartered in ELY, MN with 2 branch locations and about $73.65 million in total assets. Opened 88 years ago in 1938, ELY AREA CREDIT UNION has about 4,645 members and employs 9 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ELY AREA CREDIT UNION |
|---|---|
| Address: (Main Office) | 2 E Chapman St ELY, MN 55731 |
| Phone: | (218) 365-3131 |
| Fax: | (218) 365-3045 |
| Website: | https://www.elyareacu.org |
| Branches: | 2 branch locations |
| Members: | 4,645 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 63398 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1938 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $73,645,515 |
| CEO/Manager: | Mark S Krekelberg |
| Chairperson: | Todd Aho |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,557,666 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 13,597,820 |
| Unsecured Loans | 1,215,308 |
| Other Loans | 10,506,331 |
| TOTAL LOANS | 25,319,459 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -158,578 |
| Land And Building | 185,311 |
| Other Fixed Assets | 101,860 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 567,538 |
| All Other Assets | 0 |
| TOTAL ASSETS | 73,645,515 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 40,967 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 19,697,828 |
| Regular shares | 22,586,974 |
| All Other Shares & Deposits | 20,065,115 |
| TOTAL SHARES & DEPOSITS | 62,349,917 |
| TOTAL LIABILITIES | 62,390,884 |
| Regular Reserve | 0 |
| Other Reserves | 2,345,110 |
| Undivided Earnings | 8,909,521 |
| TOTAL EQUITY | 11,254,631 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 73,645,515 |
| INCOME & EXPENSE | |
| Loan Income | 1,089,791 |
| Investment Income | 1,179,099 |
| Other Income | 69,755 |
| Total Employee Compensation & Benefits | 487,460 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 619,163 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 174,264 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,307,439 |
| ↑ Back to Top | |