SouthPoint Financial Credit Union
SouthPoint Financial Credit Union is headquartered in Sleepy Eye and is the 14th largest credit union in the state of Minnesota. It is also the 718th largest credit union in the nation. It was established in 1936 and as of September of 2022, it had grown to 100 employees and 28,985 members at 8 locations. SouthPoint Financial Credit Union has an A health rating.
Field of Membership Restrictions
Membership is open to those who live, work, attend school, worship, or own a business entity in Brown, Blue Earth, Cottonwood, Carver, Faribault, Lyon, Kandiyohi, Le Sueur, Martin, McLeod, Meeker, Murray, Nicollet, Redwood, Renville, Wright, Sibley and Watonwan counties in Minnesota.
See current membership details
Southpoint is way better than my old bank.
I came to Southpoint because I recently moved to the area and there were no branches of my old bank anywhere nearby. So I shopped around for a new bank thinking it would just be more of the same high fee no interest rate banks I was used to. Southpoint was an absolute exception their savings account interest rates are better than any other bank I've used, and they have virtually no fees, and even the fees you would expect to pay are lower than at other institutions. They even have a checking account with a positive interest rate which I have never seen at another bank.
Southpoint is the best bank I have worked with
I am new to the area and was forced to switch from my old bank so far my experience with southpoint has been nothing short of excellent. They have no fee saving and checking accounts. They have a decent interest rate on the saving accounts and everyone is very nice and helpful. We were being killed by overdraft fees at our old bank but the fee structure for ovedraft protection at southpoint is much more reasonable.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 68667 |
| Year Chartered | 1936 |
| Employees | 100 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.66% |
| Return on Equity - YTD | 6.56% |
| Annual Interest Income | $11.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $503.8MM$482.0MM |
| Loans | Q3 2022vs Q3 2021 | $363.4MM$324.9MM |
| Deposits | Q3 2022vs Q3 2021 | $448.0MM$423.0MM |
| Equity Capital | Q3 2022vs Q3 2021 | $51.2MM$54.7MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $2.3MM$2.2MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $728.00K$228.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |