Mayo Employees Credit Union is headquartered in ROCHESTER and is the 7th largest credit union in the state of Minnesota. It is also the 335th largest credit union in the nation. It was established in 1934 and as of December of 2013, it had grown to 80 employees and 50,427 members. Mayo Employees Credit Union's money market rates are 14% higher than the national average, and it boasts a A+ health rating.
Membership in MEFCU is a benefit available to: * Current and retired Mayo employees * Volunteers of all Mayo affiliated entities * Students of Mayo Foundation * Blood or adoptive relatives of Mayo employees, volunteers or students listed above - See Details
Easiest bank in town to do business with. Getting a car loan took literally 5 minutes, and the loan officer followed up with me twice to ensure everything was going well. Since that experience, I have moved all of my accounts there and have been happier with MEFCU than was with my previous bank, who gave me "private banking." Nice iPhone App too!
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Mayo Employees Credit Union had $614,000 in non-current loans and owned real-estate with $64.38 million in equity and loan loss allowances on hand to cover it. This gives Mayo Employees Credit Union a Texas Ratio of 0.95% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Mayo Employees Credit Union decreased dramatically from 1.65% as of December 31, 2012 to 0.95% as of December 31, 2013, resulting in a positive change of 42.27%.This indicates that the balance sheet and financial strength for Mayo Employees Credit Union has improved dramatically in recent periods.
In the past year, Mayo Employees Credit Union has increased its total deposits by $32.53 million, resulting in 5.94% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Mayo Employees Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Mayo Employees Credit Union has $648.09 million in assets with $64.38 million in equity, resulting in a capitalization level of 9.93%, which is above average.
|Assets and Liabilities|
|Equity Capital||$63.60 million|
|Loan Loss Allowance||$785,000|
|Unbacked Noncurrent Loans||$494,000|
|Real Estate Owned||$120,000|
|Historic Data - December 2012|
|Equity Capital||$60.06 million|
|Loan Loss Allowance||$1.07 million|
|Unbacked Noncurrent Loans||$494,000|
|Real Estate Owned||$97,000|
|Profit Margin - Quarterly|
|Net Interest Margin||4.34%|
|Return on Assets||0.95%|
|Return on Equity||9.67%|
|Interest Income||$16.80 million|
Always verify rates and promotions with the bank or credit union. We are not Mayo Employees Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.40%||-||-||Roth IRA Savings|
|0.40%||-||-||Health Savings Account|
|0.50%||$100k||-||Premium Money Market Savings|
|0.45%||$100k||-||Money Market Savings|
|1.00%||$1k||-||5 Year CD|
|0.85%||$1k||-||4 Year CD|
|0.75%||$100k||-||3 Year CD|
|0.60%||$100k||-||2 Year CD|
|0.50%||$100k||-||1 Year CD|
|0.40%||$100k||-||6 Month CD|
|0.35%||$100k||-||3 Month CD|
|1.00%||$1k||-||5 Year IRA (Traditional,Roth,CESA)|
|0.85%||$1k||-||4 Year IRA (Traditional,Roth,CESA)|
|0.75%||$100k||-||3 Year IRA (Traditional,Roth,CESA)|
|0.60%||$100k||-||2 Year IRA (Traditional,Roth,CESA)|
|0.50%||$100k||-||1 Year IRA (Traditional,Roth,CESA)|
|0.40%||$100k||-||6 Month IRA (Traditional,Roth,CESA)|
|0.35%||$100k||-||3 Month IRA (Traditional,Roth,CESA)|
|Mayo Employees Credit Union Locations|
|Branch Office||3990 41st St NW||Rochester, MN 55901|
|Branch Office||130 23rd Ave SW||Rochester, MN 55902|
|Branch Office||1216 2nd St SW||Rochester, MN 55902|
|Branch Office||155 1st Ave SW||Rochester, MN 55902|
|Branch Office||5777 E Mayo Blvd||Phoenix, AZ 85054|
|Branch Office||565 1st Ave SW||Rochester, MN 55902-3304|
|Branch Office||605 West Ave S||La Crosse, WI 54601|
|Branch Office||4463 Canal Pl SE||Rochester, MN 55904|
|Branch Office||4500 San Pablo Rd S||Jacksonville, FL 32224-1865|