Jun, 30, 2024 — CENTRAL MINNESOTA CREDIT UNION is a federally insured state chartered credit union headquartered in MELROSE, MN with 22 branch locations and about $1.77 billion in total assets. Opened 85 years ago in 1939, CENTRAL MINNESOTA CREDIT UNION has about 74,479 members and employs 403 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | CENTRAL MINNESOTA CREDIT UNION |
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Address: (Main Office) | 20 4th Ave SE MELROSE, MN 56352 |
Phone: | (320) 256-3669 |
Fax: | (320) 256-4532 |
Website: | https://www.mymagnifi.org |
Branches: | 22 branch locations |
Members: | 74,479 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 68604 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1939 |
Last Audited: | Dec 01, 2021 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $1,773,442,983 |
CEO/Manager: | Charles B Friederichs |
Chairperson: | Steven Danzl |
ASSETS: | $ Amount |
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Cash & Equivalents | 62,541,851 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 2,407,170 |
Real Estate Loans | 1,035,079,442 |
Unsecured Loans | 10,130,908 |
Other Loans | 360,511,726 |
TOTAL LOANS | 1,413,435,965 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -13,306,749 |
Land And Building | 22,593,964 |
Other Fixed Assets | 3,864,543 |
NCUSIF Deposit | 12,574,394 |
All Other Assets | 144,290 |
TOTAL ASSETS | 1,773,442,983 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 110,218 |
Notes & Interest Payable | 44,666,667 |
Accounts Payable & Other Liabilities | 16,846,714 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 427,446,424 |
Regular shares | 184,354,099 |
All Other Shares & Deposits | 909,856,155 |
TOTAL SHARES & DEPOSITS | 1,521,656,678 |
TOTAL LIABILITIES | 1,583,280,277 |
Regular Reserve | 0 |
Other Reserves | -29,441,560 |
Undivided Earnings | 219,604,266 |
TOTAL EQUITY | 190,162,706 |
TOTAL LIABILITIES, SHARES, & EQUITY | 1,773,442,983 |
INCOME & EXPENSE | |
Loan Income | 40,228,548 |
Investment Income | 2,529,384 |
Other Income | 7,655,968 |
Total Employee Compensation & Benefits | 27,753,603 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 15,809,368 |
Non-operating Income & (Expense) | 256,296 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,560,135 |
Cost of Funds | 4,162,149 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 9,223,425 |
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