Central Minnesota Credit Union is headquartered in Melrose and is the 7th largest credit union in the state of Minnesota. It is also the 272nd largest credit union in the nation. It was established in 1939 and as of December of 2019, it had grown to 336 employees and 69,656 members at 25 locations. Central Minnesota Credit Union has an A+ health rating.
Membership in Central Minnesota Credit Union is open to those who live, work, attend school or worship in Becker, Benton, Clay, Douglas, Grant, Kandiyohi, Meeker, Morrison, Otter Tail, Pope, Sherburne, Stearns, Todd, Wadena, Wilkin, and Wright Counties in Minnesota or in Cass and Richland Counties in North Dakota.
See current membership details
When I recently went in to look into getting a new checking account at a different bank I was surprised by the amount of options they had. One of the choices was an E-Checking account. I do most of my banking online and prefer it that way. This seemed like the best option for me. The guy who helped me set it up was very friendly and made sure I had everything working before I left the building. He helped me create a user name and password for the website as well as helped me find and download their mobile app. I found the benefits on their E-Checking account to make it more than worth it to sign up for this particular account. The part I liked the best is I will now earn interest on money I have in my checking account.
I recently was unhappy with my current bank and found myself at our local credit union. When I walked in I was greeted and it was a pleasant atmosphere. I did not have to wait long for someone to come help me open a new checking and savings account. Everything was explained to me in detail, and I was given choices of what kinds of accounts I wanted to open. The guy was knowledgeable in their accounts and did his best to make sure the accounts I was opening were the best for me and my situation. I have been back a few times now as I am working on switching everything to this credit union. I would highly recommend this credit union to other people. It is fast, convenient, and they offer good deals on the types of accounts they have.
|Return on Assets - YTD||1.17%|
|Return on Equity - YTD||7.58%|
|Annual Interest Income||$51.6MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$1.20B$1.10B|
|Loans||Q4 2019vs Q4 2018||$952.0MM$897.6MM|
|Deposits||Q4 2019vs Q4 2018||$977.9MM$874.4MM|
|Equity Capital||Q4 2019vs Q4 2018||$186.6MM$169.5MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$7.7MM$6.7MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$2.9MM$3.7MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$1.1MM$1.2MM|
Rates for Central Minnesota Credit Union are currently being reviewed.