Mid-Minnesota Federal Credit Union is headquartered in Baxter and is the 17st largest credit union in the state of Minnesota. It is also the 784th largest credit union in the nation. It was established in 1970 and as of March of 2014, it had grown to 105 employees and 37,252 members. Mid-Minnesota Federal Credit Union's savings rates are 69% higher than the national average, and it has a B+ health rating.
Membership is open to anyone who lives, works, worships, or attends school in any of the following counties of Minnesota: Cass, Crow Wing, Douglas, Morrison, Todd, Wadena, as well as the townships of Blowers and Paddock in Otter Tail County. You are also eligible for membership if you are a blood relative of someone who lives, works, worships, or attends school in any of the above geographic regions (even if the individual is not a member of the credit union). - See Details
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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 Mid-Minnesota Federal Credit Union had $2.77 million in non-current loans and owned real-estate with $29.69 million in equity and loan loss allowances on hand to cover it. This gives Mid-Minnesota Federal Credit Union a Texas Ratio of 9.33% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Mid-Minnesota Federal Credit Union decreased slightly from 12.69% as of March 31, 2013 to 9.33% as of March 31, 2014, resulting in a positive change of 26.48%.This indicates that the balance sheet and financial strength for Mid-Minnesota Federal Credit Union has improved slightly in recent periods.
In the past year, Mid-Minnesota Federal Credit Union has increased its total deposits by $2.23 million, resulting in 1% 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 Mid-Minnesota Federal Credit Union has shown is above average.
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. Mid-Minnesota Federal Credit Union has $257.99 million in assets with $29.69 million in equity, resulting in a capitalization level of 11.51%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$28.57 million|
|Loan Loss Allowance||$1.12 million|
|Unbacked Noncurrent Loans||$1.46 million|
|Real Estate Owned||$1.31 million|
|Historic Data - March 2013|
|Equity Capital||$26.37 million|
|Loan Loss Allowance||$1.61 million|
|Unbacked Noncurrent Loans||$1.46 million|
|Real Estate Owned||$1.14 million|
|Profit Margin - Quarterly|
|Net Interest Margin||1.16%|
|Return on Assets||0.76%|
|Return on Equity||6.9%|
|Interest Income||$2.30 million|
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|0.20%||$50k||-||Floating Roth IRA Savings|
|0.20%||$50k||-||Floating Education IRA Savings|
|0.20%||$50k||-||Floating Tradition IRA Savings|
|0.15%||$5k||-||Health Savings Accounts|
|0.05%||-||-||Floating Employee Distribution IRA Savings|
|0.20%||$50k||-||Money Market Savings|
|0.15%||$50k||-||Money Market Checking|
|0.20%||$10k||-||Business Dividend Checking|
|1.62%||-||-||36 Month Fast Forward CD Special|
|0.95%||$500||-||48 Month CD|
|0.75%||$500||-||36 Month CD|
|0.60%||$500||-||24 Month CD|
|0.60%||$5k||-||36 Month Bump CD Special|
|0.45%||$500||-||18 Month CD|
|0.45%||$2,500||-||36 Month Add-On CD Special|
|0.45%||$5k||-||24 Month Bump CD Special|
|0.40%||$500||-||12 Month CD|
|0.25%||$500||-||6 Month CD|
|0.20%||$500||-||3 Month CD|
|0.95%||$500||-||48 Month IRA|
|0.75%||$500||-||36 Month IRA|
|0.60%||$500||-||24 Month IRA|
|0.45%||$500||-||18 Month IRA|
|0.40%||$500||-||12 Month IRA|
|0.25%||$500||-||6 Month IRA|
|0.20%||$500||-||3 Month IRA|
|Mid-Minnesota Federal Credit Union Locations|
|Branch Office||1220 4th St NE||Staples, MN 56479|
|Branch Office||13283 Isle Dr||Baxter, MN 564258554|
|Branch Office||200 S 6th St||Brainerd, MN 564013536|
|Branch Office||30483 STATE HWY 371||Pequot Lakes, MN 56472|
|Branch Office||117 W Main St||Crosby, MN 564411423|
|Branch Office||307 1st St SE||Little Falls, MN 563453005|
|Branch Office||405 50th Ave W||Alexandria, MN 56308|