Organizations Filed Purposes:
WITH LOCATIONS IN HERMANTOWN, DULUTH, AND SUPERIOR, WE ARE A FINANCIAL INSTITUTION OF PEOPLE HELPING PEOPLE. WE CARE ABOUT THE COMMUNITIES WE SERVE AND LOVE GIVING OUR MEMBER THE FINANCIAL EDUCATION THEY NEED TO THRIVE AND ENCOURAGE SAVING TO BUILD ECONOMIC SECURITY FOR THEMSELVES AND THEIR FAMILIES. AT ALL LEVELS OF OUR OPERATION, WE ARE DEDICATED TO PROVIDING OUTSTANDING MEMBER SERVICE.
THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS.
CREDIT UNION BANKING SERVICE PROGRAMS: THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2020 OUR MEMBERS HAD $170,945,324 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $97,306,533 IN SAVINGS ACCOUNTS, $34,906,083 IN CHECKING ACCOUNTS, $24,386,368 IN MONEY MARKET, AND $14,346,340 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS 05%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF .308% AT YEAR END. NON-IRA CERTIFICATES EARNED 1.509% AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 16,579 MEMBERS AND ENDED THE YEAR WITH 16,828 FOR AN INCREASE OF 249 MEMBERS.
CREDIT UNION LENDING: THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $40,367,799 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2020. USED AUTO LOANS REPRESENT 28.6% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2020. THE CREDIT UNION HAD $29,912,439 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/20. THEY REPRESENT 21.2 % OF OUR LOAN PORTFOLIO AND 15.3% OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2020 FOR FIRST MORTGAGE LOANS WAS 2.38%. THE TOTAL LOAN PORTFOLIO INCREASED $13,098,285 DURING 2020. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS .52%.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Doug Ralston | PRESIDENT/CEO | 40 | $169,288 |
| Constance Carter | CFO | 40 | $115,769 |
| Gayle Wahner | DIRECTOR | 2 | $0 |
| Patricia Hendrickson | DIRECTOR | 2 | $0 |
| Scott Christensen | DIRECTOR | 2 | $0 |
| Garrett Busch | DIRECTOR | 2 | $0 |
| Stephen Morgan | SECRETARY | 2 | $0 |
| Mark Thorsten | VICE CHAIRPERSON | 2 | $0 |
| Margaret Taylor | CHAIRPERSON | 2 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202120989349301407_public.xml