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CENTRAL MINNESOTA CREDIT UNION

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.


ABA Routing Number: 291974204
Name:CENTRAL MINNESOTA CREDIT UNION
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
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

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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