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National Credit Union Service Organization

NOVATION CREDIT UNION

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.


ABA Routing Number: 296076068
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:16,987
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, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$227,086,966
CEO/Manager:Michael Kronebusch
Chairperson:Dawn McGinley

Call Report

  • First Time Homebuyer Program
  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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