Dec, 31, 2023 — NOVATION CREDIT UNION is a federally insured state chartered credit union headquartered in OAKDALE, MN with 4 branch locations and about $227.09 million in total assets. Opened 70 years ago in 1954, NOVATION CREDIT UNION has about 16,987 members and employs 37 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 |
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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: | 16,987 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 65063 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1954 |
Last Audited: | Sep 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $227,086,966 |
CEO/Manager: | Michael Kronebusch |
Chairperson: | Dawn McGinley |
ASSETS: | $ Amount |
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Cash & Equivalents | 27,140,477 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 404,000 |
Real Estate Loans | 66,408,515 |
Unsecured Loans | 20,267,013 |
Other Loans | 73,848,106 |
TOTAL LOANS | 160,523,634 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -760,702 |
Land And Building | 1,571,140 |
Other Fixed Assets | 543,692 |
NCUSIF Deposit | 1,985,279 |
All Other Assets | 10,575 |
TOTAL ASSETS | 227,086,966 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 32,461 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,309,377 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 61,421,128 |
Regular shares | 113,109,224 |
All Other Shares & Deposits | 31,572,227 |
TOTAL SHARES & DEPOSITS | 206,102,579 |
TOTAL LIABILITIES | 207,444,417 |
Regular Reserve | 0 |
Other Reserves | 1,590,445 |
Undivided Earnings | 18,052,104 |
TOTAL EQUITY | 19,642,549 |
TOTAL LIABILITIES, SHARES, & EQUITY | 227,086,966 |
INCOME & EXPENSE | |
Loan Income | 7,201,941 |
Investment Income | 1,282,080 |
Other Income | 392,317 |
Total Employee Compensation & Benefits | 3,685,983 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 3,590,569 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 260,109 |
Cost of Funds | 2,233,663 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,523,141 |
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