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Overview / Commentary
800-459-8139
2573 Credit Union Dr
Prior Lake, MN 55372

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

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Health

Data for Q1 2014

Institution Health

A
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. South Metro Credit Union has a relatively low asset base.

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 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

GRADE:
B+

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

GRADE:
A+

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

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. 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 Chartered1993
Employees17
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 Margin1.53%
Return on Assets0.82%
Return on Equity8.41%
Interest Income$889,000
Rates
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South Metro Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.20%$25k-Share Savings Account
0.20%$25k-Smart Sammie's Savers Club

South Metro Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.20%$25k-Checking Account

South Metro Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
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

DetailsAPYMINMAXPRODUCT
0.80%--24 Month IRA
0.75%--12 Month IRA
Locations


South Metro Credit Union Locations
Branch Office2573 Credit Union DrPRIOR LAKE, MN 55372
Branch Office574 MARSCHALL RDSHAKOPEE, MN 55379-2613
Branch Office8040 OLD CARRIAGE CTSHAKOPEE, MN 55379-3156
Branch Office5767 EGAN DRSAVAGE, MN 553784917