Dec, 31, 2023 — MINNCO CREDIT UNION is a federally insured state chartered credit union headquartered in CAMBRIDGE, MN with 7 branch locations and about $518.03 million in total assets. Opened 89 years ago in 1935, MINNCO CREDIT UNION has about 32,875 members and employs 98 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MINNCO CREDIT UNION |
|---|---|
| Address: (Main Office) | 2215 3rd Ave NE CAMBRIDGE, MN 55008 |
| Phone: | (763) 689-1071 |
| Fax: | |
| Website: | https://minnco.com |
| Branches: | 7 branch locations |
| Members: | 32,875 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 63639 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $518,034,003 |
| CEO/Manager: | Doug Hallstrom |
| Chairperson: | Jerry Schleicher |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 32,359,519 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 135,051,186 |
| Unsecured Loans | 28,836,577 |
| Other Loans | 163,445,127 |
| TOTAL LOANS | 327,332,890 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,244,827 |
| Land And Building | 15,827,945 |
| Other Fixed Assets | 2,053,928 |
| NCUSIF Deposit | 4,203,480 |
| All Other Assets | 0 |
| TOTAL ASSETS | 518,034,003 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 105 |
| Notes & Interest Payable | 19,500,000 |
| Accounts Payable & Other Liabilities | 7,241,880 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 151,903,456 |
| Regular shares | 154,923,975 |
| All Other Shares & Deposits | 152,927,036 |
| TOTAL SHARES & DEPOSITS | 459,754,467 |
| TOTAL LIABILITIES | 486,532,952 |
| Regular Reserve | 0 |
| Other Reserves | -17,365,861 |
| Undivided Earnings | 48,866,912 |
| TOTAL EQUITY | 31,501,051 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 518,034,003 |
| INCOME & EXPENSE | |
| Loan Income | 13,342,100 |
| Investment Income | 3,781,314 |
| Other Income | 4,923,020 |
| Total Employee Compensation & Benefits | 7,189,872 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,204,470 |
| Non-operating Income & (Expense) | -546,286 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 456,006 |
| Cost of Funds | 5,108,082 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,081,748 |
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