Sep, 30, 2025 — NOVATION CREDIT UNION is a federally insured state chartered credit union headquartered in OAKDALE, MN with 4 branch locations and about $240.19 million in total assets. Opened 72 years ago in 1954, NOVATION CREDIT UNION has about 14,681 members and employs 36 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NOVATION CREDIT UNION |
|---|---|
| Address: (Main Office) | 500 Imperial Ave N OAKDALE, MN 55128-7151 |
| Phone: | (651) 739-8080 |
| Fax: | (651) 739-0648 |
| Website: | https://www.novation.org |
| Branches: | 4 branch locations |
| Members: | 14,681 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 65063 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Sep 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $240,191,019 |
| CEO/Manager: | Michael Kronebusch |
| Chairperson: | Mary Edinger |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 29,403,645 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 77,540,901 |
| Unsecured Loans | 19,446,677 |
| Other Loans | 73,631,792 |
| TOTAL LOANS | 170,619,370 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,046,843 |
| Land And Building | 1,446,674 |
| Other Fixed Assets | 668,484 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,024,037 |
| All Other Assets | 40,156 |
| TOTAL ASSETS | 240,191,019 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 147,830 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,196,996 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 53,574,022 |
| Regular shares | 135,459,594 |
| All Other Shares & Deposits | 25,251,438 |
| TOTAL SHARES & DEPOSITS | 214,285,054 |
| TOTAL LIABILITIES | 215,629,880 |
| Regular Reserve | 0 |
| Other Reserves | 1,974,020 |
| Undivided Earnings | 22,587,119 |
| TOTAL EQUITY | 24,561,139 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 240,191,019 |
| INCOME & EXPENSE | |
| Loan Income | 7,044,932 |
| Investment Income | 1,655,518 |
| Other Income | 349,917 |
| Total Employee Compensation & Benefits | 2,906,926 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 3,040,048 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 450,524 |
| Cost of Funds | 2,472,165 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,993,216 |
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