CMCU makes list of Top 50 credit unions in the nation
Central Minnesota Credit Union was recently selected as one of the Top 50 credit unions in the nation in 2012, according to an analysis by SNL Financial.
Ranked number 22 nationwide, CMCU is one of three Minnesota credit unions to make the list.
“It’s an honor to be included with such a premiere group of financial institutions,” said Rick Odenthal, CEO of CMCU, in a press release. “I am proud to be a part of such a dedicated team here at CMCU and for the ongoing loyalty of our members, who continue to embrace the products and services we provide.”
For the 2012 ranking, SNL graded the best-performing credit unions using five core financial performance metrics that focus on growth, asset quality and operating efficiency for a 12-month period. The metrics used were: member growth; net charge-offs as a percentage of average loans; operating expenses as a percentage of operating revenue; delinquent loans as a percentage of total loans; and market growth.
SNL is a financial information firm that collects, standardizes and disseminates relevant corporate, financial services, insurance, real estate, energy and media market communications data.
CMCU is a member-owned financial cooperative that offers financial services at branch offices in Perham, New York Mills and about a dozen other locations across Minnesota, as well as by phone and online. It is one of the largest credit union agricultural lenders in the United States.
The credit union was chartered in Melrose, Minn., in 1939 under the philosophy of “people helping people.” According to its financial statement, CMCU held nearly $705 million in assets in 2012, and had nearly 50,000 members. Membership is open to people who live, work, attend school or volunteer in a number of Minnesota counties, including Otter Tail County.