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507-535-1460
130 23rd Ave SW
Rochester, MN 55902

Mayo Employees Credit Union is headquartered in Rochester and is the 7th largest credit union in the state of Minnesota. It is also the 341st largest credit union in the nation. It was established in 1934 and as of March of 2014, it had grown to 82 employees and 50,687 members. Mayo Employees Credit Union's money market rates are 14% higher than the national average, and it has a A health rating.

Field of Membership Restrictions

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

Reviews (1)

Happy Doing Buisness Here.

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!



Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Mayo Employees Credit Union had $438,000 in non-current loans and owned real-estate with $65.93 million in equity and loan loss allowances on hand to cover it. This gives Mayo Employees Credit Union a Texas Ratio of 0.66% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for Mayo Employees Credit Union decreased dramatically from 1.02% as of March 31, 2013 to 0.66% as of March 31, 2014, resulting in a positive change of 35.05%.This indicates that the balance sheet and financial strength for Mayo Employees Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Mayo Employees Credit Union has increased its total deposits by $36.91 million, resulting in 6.6% 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.

Capitalization

GRADE:
B

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 $666.29 million in assets with $65.93 million in equity, resulting in a capitalization level of 9.89%, which is above average.

Institution Statistics

Overall
NCUA #24748
Year Chartered1934
Employees82
Primary Regulator
Assets and Liabilities
Assets$666.29 million
Loans$270.24 million
Deposits$595.90 million
Equity Capital$65.29 million
Loan Loss Allowance$638,000
Unbacked Noncurrent Loans$318,000
Real Estate Owned$120,000
Historic Data - March 2013
Assets$624.28 million
Equity Capital$61.42 million
Loan Loss Allowance$948,000
Unbacked Noncurrent Loans$318,000
Real Estate Owned$105,000
Profit Margin - Quarterly
Net Interest Margin1.1%
Return on Assets0.95%
Return on Equity9.68%
Interest Income$4.08 million
Rates

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.

Mayo Employees Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%--IRA Savings
0.40%--Roth IRA Savings
0.40%--CESA Savings
0.40%--Health Savings Account

Mayo Employees Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.50%$100k-Premium Money Market Savings
0.45%$100k-Money Market Savings

Mayo Employees Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.10%--Checking Account

Mayo Employees Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
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

Mayo Employees Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.00%$1k-5 Year IRA
0.85%$1k-4 Year IRA
0.75%$100k-3 Year IRA
0.60%$100k-2 Year IRA
0.50%$100k-1 Year IRA
0.40%$100k-6 Month IRA
0.35%$100k-3 Month IRA
Locations


Mayo Employees Credit Union Locations
Branch Office3990 41st St NWRochester, MN 55901
Branch Office130 23rd Ave SWRochester, MN 55902
Branch Office1216 2nd St SWRochester, MN 55902
Branch Office155 1st Ave SWRochester, MN 55902
Branch Office5777 E Mayo BlvdPhoenix, AZ 85054
Branch Office565 1st Ave SWRochester, MN 55902-3304
Branch Office605 West Ave SLa Crosse, WI 54601
Branch Office4463 Canal Pl SERochester, MN 55904
Branch Office4500 San Pablo Rd SJacksonville, FL 32224-1865