South Metro Credit Union is headquartered in PRIOR LAKE and is the 41st largest credit union in the state of Minnesota. It is also the 1,626th largest credit union in the nation. It was established in 1993 and as of March of 2014, it had grown to 17 employees and 3,491 members. South Metro Credit Union has a A health rating.
Field of Membership Restrictions
Any person who lives, works or has a business in Scott County, Minnesota. - See Details
Data for Q1 2014
Institution Health
Texas Ratio
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 South Metro Credit Union had $347,000 in non-current loans and owned real-estate with $9.02 million in equity and loan loss allowances on hand to cover it. This gives South Metro Credit Union a Texas Ratio of 3.85% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for South Metro Credit Union decreased slightly from 5.06% as of March 31, 2013 to 3.85% as of March 31, 2014, resulting in a positive change of 23.90%.This indicates that the balance sheet and financial strength for South Metro Credit Union has improved slightly in recent periods.
Deposit Growth
In the past year, South Metro Credit Union has increased its total deposits by $9.81 million, resulting in 14.52% 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 South Metro Credit Union has shown is excellent.
Capitalization
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. South Metro Credit Union has $89.92 million in assets with $9.02 million in equity, resulting in a capitalization level of 10.03%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 24482 |
| Year Chartered | 1993 |
| Employees | 17 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $89.92 million |
| Loans | $49.26 million |
| Deposits | $77.39 million |
| Equity Capital | $8.80 million |
| Loan Loss Allowance | $218,000 |
| Unbacked Noncurrent Loans | $162,000 |
| Real Estate Owned | $185,000 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $76.31 million |
| Equity Capital | $8.53 million |
| Loan Loss Allowance | $229,000 |
| Unbacked Noncurrent Loans | $162,000 |
| Real Estate Owned | $321,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 1.53% |
| Return on Assets | 0.82% |
| Return on Equity | 8.41% |
| Interest Income | $889,000 |
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South Metro Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $25k | - | Share Savings Account | |
| 0.20% | $25k | - | Smart Sammie's Savers Club |
South Metro Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $25k | - | Checking Account |
South Metro Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.85% | $1k | - | 60 Month CD | |
| 1.50% | $1k | - | 48 Month CD | |
| 1.15% | $1k | - | 36 Month CD | |
| 0.80% | $1k | - | 24 Month CD | |
| 0.75% | $1k | - | 12 Month CD | |
| 0.65% | $1k | - | 6 Month CD |
South Metro Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.80% | - | - | 24 Month IRA | |
| 0.75% | - | - | 12 Month IRA |
| South Metro Credit Union Locations | ||
|---|---|---|
| Branch Office | 2573 Credit Union Dr | PRIOR LAKE, MN 55372 |
| Branch Office | 574 MARSCHALL RD | SHAKOPEE, MN 55379-2613 |
| Branch Office | 8040 OLD CARRIAGE CT | SHAKOPEE, MN 55379-3156 |
| Branch Office | 5767 EGAN DR | SAVAGE, MN 553784917 |