Dec, 31, 2023 — SOUTH METRO FEDERAL CREDIT UNION is a federal credit union headquartered in PRIOR LAKE, MN with 6 branch locations and about $170.11 million in total assets. Opened 31 years ago in 1993, SOUTH METRO FEDERAL CREDIT UNION has about 4,925 members and employs 31 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTH METRO FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2573 Credit Union Dr PRIOR LAKE, MN 55372 |
| Phone: | (952) 445-0888 |
| Fax: | (952) 445-6487 |
| Website: | https://www.southmet.com |
| Branches: | 6 branch locations |
| Members: | 4,925 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24482 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1993 |
| Last Audited: | Jun 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $170,106,942 |
| CEO/Manager: | Dean Wickstrom |
| Chairperson: | David J Bryant |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,277,615 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 45,561,194 |
| Unsecured Loans | 4,644,756 |
| Other Loans | 67,635,024 |
| TOTAL LOANS | 117,840,975 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -523,172 |
| Land And Building | 2,822,141 |
| Other Fixed Assets | 474,103 |
| NCUSIF Deposit | 1,059,525 |
| All Other Assets | 0 |
| TOTAL ASSETS | 170,106,942 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 10,000,000 |
| Accounts Payable & Other Liabilities | 1,090,214 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 38,191,819 |
| Regular shares | 74,006,357 |
| All Other Shares & Deposits | 37,446,430 |
| TOTAL SHARES & DEPOSITS | 149,644,606 |
| TOTAL LIABILITIES | 160,734,820 |
| Regular Reserve | 0 |
| Other Reserves | -5,671,286 |
| Undivided Earnings | 15,043,408 |
| TOTAL EQUITY | 9,372,122 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 170,106,942 |
| INCOME & EXPENSE | |
| Loan Income | 6,250,478 |
| Investment Income | 654,692 |
| Other Income | 696,559 |
| Total Employee Compensation & Benefits | 3,072,772 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,736,583 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 692,545 |
| Cost of Funds | 1,472,250 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 119,387 |
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