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 1,627th largest credit union in the nation. It was established in 1993 and as of December of 2013, it had grown to 17 employees and 3,453 members. South Metro Credit Union's CD rates are 2X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Must live or work in Scott County, MN. - See Details
Data for Q4 2013
Institution Health
Texas Ratio
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 South Metro Credit Union had $284,000 in non-current loans and owned real-estate with $8.73 million in equity and loan loss allowances on hand to cover it. This gives South Metro Credit Union a Texas Ratio of 3.25% 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 4.40% as of December 31, 2012 to 3.25% as of December 31, 2013, resulting in a positive change of 26.07%.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 decreased its total deposits by -$2.26 million, resulting in -2.94% 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 South Metro Credit Union has shown is below average.
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 $86.78 million in assets with $8.73 million in equity, resulting in a capitalization level of 10.06%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 24482 |
| Year Chartered | 1993 |
| Employees | 17 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $86.78 million |
| Loans | $49.06 million |
| Deposits | $74.52 million |
| Equity Capital | $8.51 million |
| Loan Loss Allowance | $218,000 |
| Unbacked Noncurrent Loans | $99,000 |
| Real Estate Owned | $185,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $85.40 million |
| Equity Capital | $8.42 million |
| Loan Loss Allowance | $243,000 |
| Unbacked Noncurrent Loans | $99,000 |
| Real Estate Owned | $261,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 5.51% |
| Return on Assets | 0.91% |
| Return on Equity | 9.32% |
| Interest Income | $3.24 million |
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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% | $50k | - | 12 Month Investors Choice CD | |
| 1.50% | $10k | - | 6 Month Investors Choice 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 (Traditional,Roth) | |
| 0.75% | - | - | 12 Month IRA (Traditional,Roth) |
| 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 |