2016 MMFCU Annual Report - MidMinnesota Federal Credit Union

Balance Sheets For the Years Ended December 31, 2013-2015
Assets
Net Loans Outstanding
Cash & Cash Equivalents
Shares in Other Credit Unions
Investments
Land & Buildings
Furniture & Equipment
Other Assets
Total Assets
2013
20142015
$184,535,775
$207,000,058$ 227,685,262
32,851,855 10,071,210
17,309,783
7,480,000 -
5,458,000
21,338,446
15,631,409
7,197,470 7,060,360
6,923,407
1,288,5001,947,8172,792,086
12,223,26512,886,14313,085,257
$251,034,865$260,304,034$283,427,204
Liabilities
Accounts Payable/Other Liabilities
Dividends Payable
Borrowed Funds
Total Liabilities
$ 4,208,423
$ 3,715,655$3,279,063
11,77400
0 0
0
$ 4,220,197
$ 3,715,655
$ 3,279,063
Members’ Equity
Shares
Regular Reserves
Undivided Earnings
$218,706,423$226,922,779
$ 249,080,266
3,288,6253,288,6253,288,625
24,819,62026,376,97527,779,250
Total Equity
Total Liabilities & Equity
$246,814,668$256,588,379$280,148,141
$251,034,865$260,304,034$283,427,204
Field of Membership
MMFCU Locations
Executive Team, Vice Presidents, Directors, & Management
Mid-Minnesota Federal Credit Union serves all of Becker, Cass,
Crow Wing, Douglas, Morrison, Norman, Todd and
Wadena counties as well as Blowers and Paddock townships in
Otter Tail County and various townships* in Aitkin County.
ALEXANDRIA
405 50th Avenue West
(320) 762-2686
Executive Team
Charles (Chuck) Albrecht, CCE
BAXTER
13283 Isle Drive
(218) 829-0371
Chris Tangen
VP of Business Services
BRAINERD
200 South 6th Street
(218) 829-0371
EVP/Chief Financial Officer
If you live, work, worship, or attend school in any of the
geographic regions listed above, or are a relative of someone who lives, works,
worships, or attends school in these areas, you are eligible for membership.
You can become a member if you meet any of the above guidelines.
A simple $5.00 deposit will make you a member/owner of MMFCU – allowing
you to apply for any of our hundreds of free and low-cost services.
For more information about becoming a member and all of the products
and services MMFCU offers, please visit our website or call your local
branch office.
mmfcu.org
Aitkin County Townships eligible for membership are: Aitkin, Farm Island,
Fleming, Glen, Hazelton, Jeven, Kimberly, Lakeside, Logan, Malmo, McGregor, Morrison,
Nordland, Shamrock, Spencer, Turner, Wealthwood, and Workman Townships.
*
$ 9,714,796 $ 9,038,752
$ 10,093,321
112,675
214,490 256,038
5,238,3625,555,9325,941,103
Total Income
$15,065,833 Expenses
Interest & Dividends to Members
Compensation
Office Expenses
Other Expenses
$ 539,950
$ 429,581392,568
6,624,6427,177,0017,879,778
2012 Loan Mix
2,993,519 3,124,526 (percentages) 3,747,647
2,312,700 2,480,336 2,902,597
2013
$14,809,174
Total Loans
(in millions)
Automobile 40%
$14,922,590
First Mortgage 22%
1,367,872
Home Equity $12%
Business Purpose 12%
Recreational 7%
VISA 5%
Other 2%
Norman
Total Loans
(in millions)
Cass
Becker
DETROIT LAKES
1135 Washington Avenue
(218) 844-5540
VP of Consumer & Mortgage Lending
LITTLE FALLS
307 1st Street SE
(320) 632-6679
Michelle Boggs
$251
$260
$187
$181
10
Morrison
Total Loans
(in millions)
$192
$283
$187
1.0
$181
12
11
Little Falls Branch Manager
Jill Carlson
Jill Decent
Director of Training & Community Relations
Staples Branch Manager
Tiffany Hirschey
Regional Manager
Val Riepe
Twin Valley Assistant
Branch Manager
Nate Olson
Director of Mortgage Services
Regional Manager
Karly Lillo
VP of Accounting & Finance
Terri Kobliska
Crosby Branch Manager
Jon Tomlinson
Karen Munsterteiger
Director of Technology Services
Marnie Perfetti Galston, CCUE
VP of Human Resources
Director of Marketing & Communications
Board of Directors
The Board of Directors of Mid-Minnesota Federal Credit Union consists of nine individuals from varying communities throughout central Minnesota.
15
Theresa Goble
Rhonda Smith
Mark Korwin-Kuczynski
Jason Anakkala
Chairwoman
First Vice Chair
Second Vice Chair
Secretary
Geoff Gorvin
Todd Froemming
Al Kolling
Bunny Johnston
Jeff Wig
Total Assets
(in millions)
$222
$222
$245
10
11
12
Total Assets
(in millions)
$222
$222
$245
Federally insured by NCUA.
Federally insured by NCUA. Equal Housing Lender.
0.4
(in millions)
Jeanne Lee
Alexandria Branch Manager
Crow Wing
Todd
(in millions)
$228
$192
0.6
Total Assets
Brainerd Branch Manager
Director of Support Services
Jonathan LeMieur
Otter Tail
13
14
15
10
0.2
0.0
(in millions)
Danielle Addison
Nicole Pfeffer
Aitkin
Wadena
Total Assets
2015
Total Loans
Detroit Lakes Branch Manager
Dusti Borg
Vice Presidents
0.8
14
Becca Robbins
Director of Loss Prevention
EVP/Chief Operations Officer
$185
13
Pequot Lakes Branch Manager
BAXTER DRIVE-THROUGH FACILITY
8500 Fairview Road
South of the Westgate Mall, Hwy 210
Douglas
Automobile ...................... 46%
First Mortgage ............... 18%
Business Purpose ......... 13%
Recreational ....................... 9%
Second Mortgage ........... 7%
Visa ........................................... 4%
Other ....................................... 3%
Amy Sjoblad
$ 16,290,462
$ 13,211,444 $ 1,597,730 $207
Troy Casper
Cheryl McKinney
Mary Pedersen, CCUE
STAPLES
1220 North 4th Street
(218) 894-2463
20142015
$12,470,811 $ 2,595,023
(percentages)
MMFCU
Branch Managers
Directors
Doug Wolf
PEQUOT LAKES
30483 State Hwy 371
(218) 568-8450
VP of Branch Operations
TWIN VALLEY
122 Main Avenue West
(218) 584-5499
Interest
Interest on Loans
Interest on Investments
Other Income
Loan Mix
Chief Technology Officer
CROSBY
117 West Main Street
(218) 546-5428
Income Statements For the Years Ended December 31, 2013-2015
Total Expenses
­ Net Income
Chief Executive Officer/President
Missy Borg, CCUE
11
12
10
11
12
Community Advisory Board
Supervisory Committee
Credit unions are community organizations, formed and owned by our
members. Keeping with this tradition, Mid-Minnesota has formed Community
Advisory Councils. These council members serve as ambassadors for MMFCU –
sharing information about our services while gathering vital input.
The primary function of your Supervisory Committee is to regularly
audit all facets of the credit union, including financial management,
administration, and operational practices. These volunteer members
play an important role in our direction, ensuring the safety and security
of your credit union funds.
Alexandria
Crosby
Wayne (Bill) Bailey
Geoff Gorvin
Bill Franzen
Mike Porwoll
Tamera Lee
Glenda Kvitek
Randy Jansen
Calvin Lutzke
Barry Nelson
Roland Anderson
Sheldon W. Sanborn
Cindy Nelson­­
Mike Woodard
Brainerd/
Baxter
Linda Burggraff
Jan Erwin
Cathy Hartle
Aaron Olson
Karen Bolz
Rod Carlson
Mel Dahlberg
Pat Krueger
Ed Spilman
Little Falls
Pequot
Lakes
Kathy Bittner Lee
Leroy Dudgeon
Julie Gowen
Deb Sommer
Larry Oaks
Cindy Hidde
Staples
Dave Jessop
Vern Drake
Terri Duff
Tom Neznik
Chairman
Member
Angella Roby
Member
Member
Member
Balance Sheets For the Years Ended December 31, 2013-2015
Assets
Net Loans Outstanding
Cash & Cash Equivalents
Shares in Other Credit Unions
Investments
Land & Buildings
Furniture & Equipment
Other Assets
Total Assets
2013
20142015
$184,535,775
$207,000,058$ 227,685,262
32,851,855 10,071,210
17,309,783
7,480,000 -
5,458,000
21,338,446
15,631,409
7,197,470 7,060,360
6,923,407
1,288,5001,947,8172,792,086
12,223,26512,886,14313,085,257
$251,034,865$260,304,034$283,427,204
Liabilities
Accounts Payable/Other Liabilities
Dividends Payable
Borrowed Funds
Total Liabilities
$ 4,208,423
$ 3,715,655$3,279,063
11,77400
0 0
0
$ 4,220,197
$ 3,715,655
$ 3,279,063
Members’ Equity
Shares
Regular Reserves
Undivided Earnings
$218,706,423$226,922,779
$ 249,080,266
3,288,6253,288,6253,288,625
24,819,62026,376,97527,779,250
Total Equity
Total Liabilities & Equity
$246,814,668$256,588,379$280,148,141
$251,034,865$260,304,034$283,427,204
Field of Membership
MMFCU Locations
Executive Team, Vice Presidents, Directors, & Management
Mid-Minnesota Federal Credit Union serves all of Becker, Cass,
Crow Wing, Douglas, Morrison, Norman, Todd and
Wadena counties as well as Blowers and Paddock townships in
Otter Tail County and various townships* in Aitkin County.
ALEXANDRIA
405 50th Avenue West
(320) 762-2686
Executive Team
Charles (Chuck) Albrecht, CCE
BAXTER
13283 Isle Drive
(218) 829-0371
Chris Tangen
VP of Business Services
BRAINERD
200 South 6th Street
(218) 829-0371
EVP/Chief Financial Officer
If you live, work, worship, or attend school in any of the
geographic regions listed above, or are a relative of someone who lives, works,
worships, or attends school in these areas, you are eligible for membership.
You can become a member if you meet any of the above guidelines.
A simple $5.00 deposit will make you a member/owner of MMFCU – allowing
you to apply for any of our hundreds of free and low-cost services.
For more information about becoming a member and all of the products
and services MMFCU offers, please visit our website or call your local
branch office.
mmfcu.org
Aitkin County Townships eligible for membership are: Aitkin, Farm Island,
Fleming, Glen, Hazelton, Jeven, Kimberly, Lakeside, Logan, Malmo, McGregor, Morrison,
Nordland, Shamrock, Spencer, Turner, Wealthwood, and Workman Townships.
*
$ 9,714,796 $ 9,038,752
$ 10,093,321
112,675
214,490 256,038
5,238,3625,555,9325,941,103
Total Income
$15,065,833 Expenses
Interest & Dividends to Members
Compensation
Office Expenses
Other Expenses
$ 539,950
$ 429,581392,568
6,624,6427,177,0017,879,778
2012 Loan Mix
2,993,519 3,124,526 (percentages) 3,747,647
2,312,700 2,480,336 2,902,597
2013
$14,809,174
Total Loans
(in millions)
Automobile 40%
$14,922,590
First Mortgage 22%
1,367,872
Home Equity $12%
Business Purpose 12%
Recreational 7%
VISA 5%
Other 2%
Norman
Total Loans
(in millions)
Cass
Becker
DETROIT LAKES
1135 Washington Avenue
(218) 844-5540
VP of Consumer & Mortgage Lending
LITTLE FALLS
307 1st Street SE
(320) 632-6679
Michelle Boggs
$251
$260
$187
$181
10
Morrison
Total Loans
(in millions)
$192
$283
$187
1.0
$181
12
11
Little Falls Branch Manager
Jill Carlson
Jill Decent
Director of Training & Community Relations
Staples Branch Manager
Tiffany Hirschey
Regional Manager
Val Riepe
Twin Valley Assistant
Branch Manager
Nate Olson
Director of Mortgage Services
Regional Manager
Karly Lillo
VP of Accounting & Finance
Terri Kobliska
Crosby Branch Manager
Jon Tomlinson
Karen Munsterteiger
Director of Technology Services
Marnie Perfetti Galston, CCUE
VP of Human Resources
Director of Marketing & Communications
Board of Directors
The Board of Directors of Mid-Minnesota Federal Credit Union consists of nine individuals from varying communities throughout central Minnesota.
15
Theresa Goble
Rhonda Smith
Mark Korwin-Kuczynski
Jason Anakkala
Chairwoman
First Vice Chair
Second Vice Chair
Secretary
Geoff Gorvin
Todd Froemming
Al Kolling
Bunny Johnston
Jeff Wig
Total Assets
(in millions)
$222
$222
$245
10
11
12
Total Assets
(in millions)
$222
$222
$245
Federally insured by NCUA.
Federally insured by NCUA. Equal Housing Lender.
0.4
(in millions)
Jeanne Lee
Alexandria Branch Manager
Crow Wing
Todd
(in millions)
$228
$192
0.6
Total Assets
Brainerd Branch Manager
Director of Support Services
Jonathan LeMieur
Otter Tail
13
14
15
10
0.2
0.0
(in millions)
Danielle Addison
Nicole Pfeffer
Aitkin
Wadena
Total Assets
2015
Total Loans
Detroit Lakes Branch Manager
Dusti Borg
Vice Presidents
0.8
14
Becca Robbins
Director of Loss Prevention
EVP/Chief Operations Officer
$185
13
Pequot Lakes Branch Manager
BAXTER DRIVE-THROUGH FACILITY
8500 Fairview Road
South of the Westgate Mall, Hwy 210
Douglas
Automobile ...................... 46%
First Mortgage ............... 18%
Business Purpose ......... 13%
Recreational ....................... 9%
Second Mortgage ........... 7%
Visa ........................................... 4%
Other ....................................... 3%
Amy Sjoblad
$ 16,290,462
$ 13,211,444 $ 1,597,730 $207
Troy Casper
Cheryl McKinney
Mary Pedersen, CCUE
STAPLES
1220 North 4th Street
(218) 894-2463
20142015
$12,470,811 $ 2,595,023
(percentages)
MMFCU
Branch Managers
Directors
Doug Wolf
PEQUOT LAKES
30483 State Hwy 371
(218) 568-8450
VP of Branch Operations
TWIN VALLEY
122 Main Avenue West
(218) 584-5499
Interest
Interest on Loans
Interest on Investments
Other Income
Loan Mix
Chief Technology Officer
CROSBY
117 West Main Street
(218) 546-5428
Income Statements For the Years Ended December 31, 2013-2015
Total Expenses
­ Net Income
Chief Executive Officer/President
Missy Borg, CCUE
11
12
10
11
12
Community Advisory Board
Supervisory Committee
Credit unions are community organizations, formed and owned by our
members. Keeping with this tradition, Mid-Minnesota has formed Community
Advisory Councils. These council members serve as ambassadors for MMFCU –
sharing information about our services while gathering vital input.
The primary function of your Supervisory Committee is to regularly
audit all facets of the credit union, including financial management,
administration, and operational practices. These volunteer members
play an important role in our direction, ensuring the safety and security
of your credit union funds.
Alexandria
Crosby
Wayne (Bill) Bailey
Geoff Gorvin
Bill Franzen
Mike Porwoll
Tamera Lee
Glenda Kvitek
Randy Jansen
Calvin Lutzke
Barry Nelson
Roland Anderson
Sheldon W. Sanborn
Cindy Nelson­­
Mike Woodard
Brainerd/
Baxter
Linda Burggraff
Jan Erwin
Cathy Hartle
Aaron Olson
Karen Bolz
Rod Carlson
Mel Dahlberg
Pat Krueger
Ed Spilman
Little Falls
Pequot
Lakes
Kathy Bittner Lee
Leroy Dudgeon
Julie Gowen
Deb Sommer
Larry Oaks
Cindy Hidde
Staples
Dave Jessop
Vern Drake
Terri Duff
Tom Neznik
Chairman
Member
Angella Roby
Member
Member
Member
The year was 1956.
A rowdy rock and roller named Elvis Presley came onto the scene releasing his first
song, “Heartbreak Hotel.” Also in the world of entertainment, actress Grace Kelly married
President’s
Message
By tradition, a 60th anniversary is typically
symbolized by a diamond or gold – both
precious and coveted. This year, we celebrate
the 60th anniversary of Mid-Minnesota Federal Credit
Union. Much like the symbols that commemorate
such an occasion, we believe this organization to be
Prince Rainier III, of Monaco; heavyweight-boxing champion Rocky Marciano retired
without losing a professional boxing match; and Bob Barker made his TV debut as host
valuable and highly regarded.
of the game show Truth or Consequences.
We have experienced much growth and, as a
result, many positive changes over the past year. From
behind-the-scenes enhancements to front-of-the-house
additions, Mid-Minnesota Federal Credit Union refuses
to rest on its laurels. We continue to recognize the
diverse and changing needs of our membership and rise
to the occasion in meeting those needs.
Those wanting to purchase a new home looked to spend an average of $11,700. Yearly
wages for the working class were approximately $4,450. A new car averaged about
$2,050, and gasoline to fill it was 22 cents a gallon.
In 60 years, much has changed. We’ve come a long way from “Guys and Dolls” and the
In 2015 MMFCU commenced and completed a
long-anticipated Core Enhancement process. This
process drastically improved our technological
infrastructure, paving the way for new products our
members have requested and providing improvements
to many of MMFCU’s current services. I would like to
thank our staff and members for their patience during
this extensive process. It was not an easy undertaking,
but it was a critical one for our growing organization.
first black and white portable television. However, in 1956, a group of forward-thinking,
hard-working individuals put into motion a local movement that has not only remained
unchanged, but has strengthened and stood the test of time.
Seven employees of the Northwest Paper Company created the Northwest Employees
Credit Union – a financial cooperative that would provide ownership to its members,
and nothing more than a simple handshake finalized a deal.
As we continually fine tune existing services, we also
consistently work to add new tools to our proverbial
financial toolbox. In 2015, we launched ClickSWITCHTM,
Today, we celebrate the concept of the credit union. Mid-Minnesota Federal Credit
Union was started and supported by men and women who longed for something
different. They wanted a choice in their financial solutions. Perhaps some couldn’t
Chuck Albrecht, President/CEO
qualify for loans at their bank and knew the credit union was their only option to see their
Over the past 60 years, we
have evolved with the times.
dreams become reality. We can only begin to imagine the doors a credit union opened
for these hard-working people. It was far more than a financial institution.
From humble beginnings came Mid-Minnesota Federal Credit Union – now nearly
38,000 members strong with over $287,868,101 in total assets.
an online link that allows members to move recurring
payments from old accounts to a new one with MMFCU.
The process is automated, easy and quick. With
ClickSWITCH, MMFCU members can change financial
institutions without the hassle of filling out multiple
forms or wasting time contacting payees for automated
payments. Simply log into the ClickSWITCH portal and
switch your existing direct deposits and automatic
payments. Account information is transferred instantly,
paving the way for a smooth and speedy transition to
your new account.
Our Education Network continues to flourish. With the
help of technology, we are now able to electronically
share educational sessions with outlying communities,
via WebEx. Last year, we offered 12 different workshops
ranging from “Identity Theft” to “Caring for Aging Parents. “
Providing educational opportunities on a variety of topics
is of utmost importance to MMFCU. We want to arm our
members with the information and resources to make
the best decisions for themselves and their loved ones
throughout their lifetime. A listing of current offerings
is available on our website under the “Events” tab.
For those counting down the days until retirement,
we have provided a variety of resources and tools in a
one-stop shop within mmfcu.org. At Retirement
Central®, you’ll find everything you need to help plan for a
successful retirement, whether it’s in 10 months or
10 years. This page is designed to provide the information, planning tools and practical ideas you can apply
today, as well as a listing of frequently asked questions
and more.
We also continue to provide financial education in
several school districts within our service area. These
courses are provided in conjunction with required
high school curriculum, and help equip our leaders of
tomorrow with the skills and knowledge to make prudent
financial decisions in the years to come. We are incredibly
proud of the partnerships we have made through this
program and the achievements these students have
made as a result of what they’ve learned.
MMFCU also recently announced the addition of
TruStage® Insurance – additional insurance options
for auto, home, health and life. TruStage Insurance
products and programs help members protect what
matters most. Backed by nearly 80 years of working in
partnership with credit unions and their members, you’ll
find affordable products and programs – only available
to credit union members like you.
With all of that said, I wonder if – back in 1956 – that small
group of men and women who came together to form
this credit union ever imagined the impact their organization
would have. Over the past 60 years, we have evolved with
the times. Not to say we haven’t been through our share
of ups and downs, but through it all we have remained
true to the philosophy of “People Helping People.”
As you can likely imagine, with an increase in products
and services comes the need to provide additional
staff and locations to better serve you. In August 2015,
MMFCU opened its ninth full service branch location in
Detroit Lakes. Our Field of Membership expansion in
2014 also led to a merger with Pine to Prairie Federal
Credit Union in Twin Valley and has subsequently meant
an increase in membership in the last year alone. We
have also added new faces to our MMFCU family, and
reorganized our internal staff organizational structure.
Together, we celebrate this sixth decade of helping one
another on the road to financial success and are grateful
to those who had the foresight to begin this journey so
many years ago on a prayer and a handshake.
As the Dutch proverb goes, “From humble beginnings
come great things.”
Chairwoman’s
Report
I am incredibly inspired and humbled when
I look back to how Mid-Minnesota Federal
Credit Union came to be – 60 years ago
this year.
Historical record tells us it was seven employees of the
Northwest Paper Company who decided to start their
own financial cooperative. Now, 60 years later, the people’s
credit union is alive and well with the same vision it was
created – to provide an opportunity to the people to
have a say in their financial journey.
At MMFCU, everyone who has an account is a member,
and owner, of the Credit Union. Members can vote for
credit union directors to help run their financial institution.
I was elected to this position because of you – our member/
owners. After becoming a member, you’re invited to
enjoy the benefits of not only free and low cost services
and exceptional rates, but also knowing you have a say
in the decisions being made.
I am proud to share that, in 2015, MMFCU saved its
members a total of $751,087.12 through refinancing
other loans with better rates, providing services at
reduced to no additional fees, and more.
As times change, so do the delivery methods in sharing
news and information with our members. In the last
year, we have increased our social media presence –
taking advantage of platforms including Twitter,
Facebook, and Pinterest (to name a few). If you don’t
know what one (or all) of these are, don’t feel bad; you’re
not alone. But many of our members are very familiar,
and this allows us to assist them as they embark on their
financial journey.
Speaking of online opportunities – we recently launched
software that allows individuals to apply for loans and
open new accounts by computer or Smartphone. It’s
amazing what technology has made possible in just the
last few years.
I’d be remiss not to acknowledge and commend our
MMFCU staff. This dedicated group of our neighbors
and friends continues to find bigger and better ways to
meet the needs of our membership. And, in true fashion
with our motto “People Helping People,” MMFCU staff
continue to contribute countless hours of volunteerism
in and around their communities. It’s just part of who
they are and what they do. Walking the walk and talking
the talk.
It has been a phenomenal year to be involved with
Mid-Minnesota Federal Credit Union. I am proud of what
has transpired over time and am in anxious anticipation
of what’s yet to come.
Happy 60th Anniversary, MMFCU! I am proud to represent
this organization and its members as Chair of your Board
of Directors.
– Theresa Goble, Chairwoman
We continue to expand our menu of options and
services for our members – from opening your first
savings account to investment and retirement services
and everything in between.
– Chuck Albrecht, President/CEO
We are proud of who we were, who we are and where we are headed. This has been
a journey 60 years in the making – rich in history and people-centered. Thank you
for allowing us to walk along side you and continuing to build upon a legacy and
strong community tradition.
1966 – Potlach Dam, Brainerd, MN
That was Then. This is Now.
Your Credit Union’s History.
1956
Mid-Minnesota was founded by seven
Northwest Paper Company employees creating
Northwest Employees Credit Union
1971
Merged in Northern Division
Telco Credit Union
1970
1982
Name changed to Mid-Minnesota Federal
Credit Union with the merger of Cuyuna
Range Federal Credit Union
1989
Merged in Heartland Federal
Credit Union in Staples
2008
Alexandria Full Service Branch opened
2015
Merged in Pine to Prairie Federal Credit
Union in Twin Valley & opened a Full Service
Branch in Detroit Lakes
1985
Name changed to Brainerd
Community Federal Credit Union
Merged in Hennepin Employees Federal
Credit Union & several employer credit
unions in Little Falls
1973
Merged in City-County Credit Union
2006
Baxter Full Service Branch opened
2011
Pequot Lakes Full Service Branch opened
2012
Merged in Ashby Federal Credit Union
2016
MMFCU celebrates 60 years of
serving central Minnesota!
Balance Sheets For the Years Ended December 31, 2013-2015
Assets
Net Loans Outstanding
Cash & Cash Equivalents
Shares in Other Credit Unions
Investments
Land & Buildings
Furniture & Equipment
Other Assets
Total Assets
2013
20142015
$184,535,775
$207,000,058$ 227,685,262
32,851,855 10,071,210
17,309,783
7,480,000 -
5,458,000
21,338,446
15,631,409
7,197,470 7,060,360
6,923,407
1,288,5001,947,8172,792,086
12,223,26512,886,14313,085,257
$251,034,865$260,304,034$283,427,204
Liabilities
Accounts Payable/Other Liabilities
Dividends Payable
Borrowed Funds
Total Liabilities
$ 4,208,423
$ 3,715,655$3,279,063
11,77400
0 0
0
$ 4,220,197
$ 3,715,655
$ 3,279,063
Members’ Equity
Shares
Regular Reserves
Undivided Earnings
$218,706,423$226,922,779
$ 249,080,266
3,288,6253,288,6253,288,625
24,819,62026,376,97527,779,250
Total Equity
Total Liabilities & Equity
$246,814,668$256,588,379$280,148,141
$251,034,865$260,304,034$283,427,204
Field of Membership
MMFCU Locations
Executive Team, Vice Presidents, Directors, & Management
Mid-Minnesota Federal Credit Union serves all of Becker, Cass,
Crow Wing, Douglas, Morrison, Norman, Todd and
Wadena counties as well as Blowers and Paddock townships in
Otter Tail County and various townships* in Aitkin County.
ALEXANDRIA
405 50th Avenue West
(320) 762-2686
Executive Team
Charles (Chuck) Albrecht, CCE
BAXTER
13283 Isle Drive
(218) 829-0371
Chris Tangen
VP of Business Services
BRAINERD
200 South 6th Street
(218) 829-0371
EVP/Chief Financial Officer
If you live, work, worship, or attend school in any of the
geographic regions listed above, or are a relative of someone who lives, works,
worships, or attends school in these areas, you are eligible for membership.
You can become a member if you meet any of the above guidelines.
A simple $5.00 deposit will make you a member/owner of MMFCU – allowing
you to apply for any of our hundreds of free and low-cost services.
For more information about becoming a member and all of the products
and services MMFCU offers, please visit our website or call your local
branch office.
mmfcu.org
Aitkin County Townships eligible for membership are: Aitkin, Farm Island,
Fleming, Glen, Hazelton, Jeven, Kimberly, Lakeside, Logan, Malmo, McGregor, Morrison,
Nordland, Shamrock, Spencer, Turner, Wealthwood, and Workman Townships.
*
$ 9,714,796 $ 9,038,752
$ 10,093,321
112,675
214,490 256,038
5,238,3625,555,9325,941,103
Total Income
$15,065,833 Expenses
Interest & Dividends to Members
Compensation
Office Expenses
Other Expenses
$ 539,950
$ 429,581392,568
6,624,6427,177,0017,879,778
2012 Loan Mix
2,993,519 3,124,526 (percentages) 3,747,647
2,312,700 2,480,336 2,902,597
2013
$14,809,174
Total Loans
(in millions)
Automobile 40%
$14,922,590
First Mortgage 22%
1,367,872
Home Equity $12%
Business Purpose 12%
Recreational 7%
VISA 5%
Other 2%
Norman
Total Loans
(in millions)
Cass
Becker
DETROIT LAKES
1135 Washington Avenue
(218) 844-5540
VP of Consumer & Mortgage Lending
LITTLE FALLS
307 1st Street SE
(320) 632-6679
Michelle Boggs
$251
$260
$187
$181
10
Morrison
Total Loans
(in millions)
$192
$283
$187
1.0
$181
12
11
Little Falls Branch Manager
Jill Carlson
Jill Decent
Director of Training & Community Relations
Staples Branch Manager
Tiffany Hirschey
Regional Manager
Val Riepe
Twin Valley Assistant
Branch Manager
Nate Olson
Director of Mortgage Services
Regional Manager
Karly Lillo
VP of Accounting & Finance
Terri Kobliska
Crosby Branch Manager
Jon Tomlinson
Karen Munsterteiger
Director of Technology Services
Marnie Perfetti Galston, CCUE
VP of Human Resources
Director of Marketing & Communications
Board of Directors
The Board of Directors of Mid-Minnesota Federal Credit Union consists of nine individuals from varying communities throughout central Minnesota.
15
Theresa Goble
Rhonda Smith
Mark Korwin-Kuczynski
Jason Anakkala
Chairwoman
First Vice Chair
Second Vice Chair
Secretary
Geoff Gorvin
Todd Froemming
Al Kolling
Bunny Johnston
Jeff Wig
Total Assets
(in millions)
$222
$222
$245
10
11
12
Total Assets
(in millions)
$222
$222
$245
Federally insured by NCUA.
Federally insured by NCUA. Equal Housing Lender.
0.4
(in millions)
Jeanne Lee
Alexandria Branch Manager
Crow Wing
Todd
(in millions)
$228
$192
0.6
Total Assets
Brainerd Branch Manager
Director of Support Services
Jonathan LeMieur
Otter Tail
13
14
15
10
0.2
0.0
(in millions)
Danielle Addison
Nicole Pfeffer
Aitkin
Wadena
Total Assets
2015
Total Loans
Detroit Lakes Branch Manager
Dusti Borg
Vice Presidents
0.8
14
Becca Robbins
Director of Loss Prevention
EVP/Chief Operations Officer
$185
13
Pequot Lakes Branch Manager
BAXTER DRIVE-THROUGH FACILITY
8500 Fairview Road
South of the Westgate Mall, Hwy 210
Douglas
Automobile ...................... 46%
First Mortgage ............... 18%
Business Purpose ......... 13%
Recreational ....................... 9%
Second Mortgage ........... 7%
Visa ........................................... 4%
Other ....................................... 3%
Amy Sjoblad
$ 16,290,462
$ 13,211,444 $ 1,597,730 $207
Troy Casper
Cheryl McKinney
Mary Pedersen, CCUE
STAPLES
1220 North 4th Street
(218) 894-2463
20142015
$12,470,811 $ 2,595,023
(percentages)
MMFCU
Branch Managers
Directors
Doug Wolf
PEQUOT LAKES
30483 State Hwy 371
(218) 568-8450
VP of Branch Operations
TWIN VALLEY
122 Main Avenue West
(218) 584-5499
Interest
Interest on Loans
Interest on Investments
Other Income
Loan Mix
Chief Technology Officer
CROSBY
117 West Main Street
(218) 546-5428
Income Statements For the Years Ended December 31, 2013-2015
Total Expenses
­ Net Income
Chief Executive Officer/President
Missy Borg, CCUE
11
12
10
11
12
Community Advisory Board
Supervisory Committee
Credit unions are community organizations, formed and owned by our
members. Keeping with this tradition, Mid-Minnesota has formed Community
Advisory Councils. These council members serve as ambassadors for MMFCU –
sharing information about our services while gathering vital input.
The primary function of your Supervisory Committee is to regularly
audit all facets of the credit union, including financial management,
administration, and operational practices. These volunteer members
play an important role in our direction, ensuring the safety and security
of your credit union funds.
Alexandria
Crosby
Wayne (Bill) Bailey
Geoff Gorvin
Bill Franzen
Mike Porwoll
Tamera Lee
Glenda Kvitek
Randy Jansen
Calvin Lutzke
Barry Nelson
Roland Anderson
Sheldon W. Sanborn
Cindy Nelson­­
Mike Woodard
Brainerd/
Baxter
Linda Burggraff
Jan Erwin
Cathy Hartle
Aaron Olson
Karen Bolz
Rod Carlson
Mel Dahlberg
Pat Krueger
Ed Spilman
Little Falls
Pequot
Lakes
Kathy Bittner Lee
Leroy Dudgeon
Julie Gowen
Deb Sommer
Larry Oaks
Cindy Hidde
Staples
Dave Jessop
Vern Drake
Terri Duff
Tom Neznik
Chairman
Member
Angella Roby
Member
Member
Member
The year was 1956.
A rowdy rock and roller named Elvis Presley came onto the scene releasing his first
song, “Heartbreak Hotel.” Also in the world of entertainment, actress Grace Kelly married
President’s
Message
By tradition, a 60th anniversary is typically
symbolized by a diamond or gold – both
precious and coveted. This year, we celebrate
the 60th anniversary of Mid-Minnesota Federal Credit
Union. Much like the symbols that commemorate
such an occasion, we believe this organization to be
Prince Rainier III, of Monaco; heavyweight-boxing champion Rocky Marciano retired
without losing a professional boxing match; and Bob Barker made his TV debut as host
valuable and highly regarded.
of the game show Truth or Consequences.
We have experienced much growth and, as a
result, many positive changes over the past year. From
behind-the-scenes enhancements to front-of-the-house
additions, Mid-Minnesota Federal Credit Union refuses
to rest on its laurels. We continue to recognize the
diverse and changing needs of our membership and rise
to the occasion in meeting those needs.
Those wanting to purchase a new home looked to spend an average of $11,700. Yearly
wages for the working class were approximately $4,450. A new car averaged about
$2,050, and gasoline to fill it was 22 cents a gallon.
In 60 years, much has changed. We’ve come a long way from “Guys and Dolls” and the
In 2015 MMFCU commenced and completed a
long-anticipated Core Enhancement process. This
process drastically improved our technological
infrastructure, paving the way for new products our
members have requested and providing improvements
to many of MMFCU’s current services. I would like to
thank our staff and members for their patience during
this extensive process. It was not an easy undertaking,
but it was a critical one for our growing organization.
first black and white portable television. However, in 1956, a group of forward-thinking,
hard-working individuals put into motion a local movement that has not only remained
unchanged, but has strengthened and stood the test of time.
Seven employees of the Northwest Paper Company created the Northwest Employees
Credit Union – a financial cooperative that would provide ownership to its members,
and nothing more than a simple handshake finalized a deal.
As we continually fine tune existing services, we also
consistently work to add new tools to our proverbial
financial toolbox. In 2015, we launched ClickSWITCHTM,
Today, we celebrate the concept of the credit union. Mid-Minnesota Federal Credit
Union was started and supported by men and women who longed for something
different. They wanted a choice in their financial solutions. Perhaps some couldn’t
Chuck Albrecht, President/CEO
qualify for loans at their bank and knew the credit union was their only option to see their
Over the past 60 years, we
have evolved with the times.
dreams become reality. We can only begin to imagine the doors a credit union opened
for these hard-working people. It was far more than a financial institution.
From humble beginnings came Mid-Minnesota Federal Credit Union – now nearly
38,000 members strong with over $287,868,101 in total assets.
an online link that allows members to move recurring
payments from old accounts to a new one with MMFCU.
The process is automated, easy and quick. With
ClickSWITCH, MMFCU members can change financial
institutions without the hassle of filling out multiple
forms or wasting time contacting payees for automated
payments. Simply log into the ClickSWITCH portal and
switch your existing direct deposits and automatic
payments. Account information is transferred instantly,
paving the way for a smooth and speedy transition to
your new account.
Our Education Network continues to flourish. With the
help of technology, we are now able to electronically
share educational sessions with outlying communities,
via WebEx. Last year, we offered 12 different workshops
ranging from “Identity Theft” to “Caring for Aging Parents. “
Providing educational opportunities on a variety of topics
is of utmost importance to MMFCU. We want to arm our
members with the information and resources to make
the best decisions for themselves and their loved ones
throughout their lifetime. A listing of current offerings
is available on our website under the “Events” tab.
For those counting down the days until retirement,
we have provided a variety of resources and tools in a
one-stop shop within mmfcu.org. At Retirement
Central®, you’ll find everything you need to help plan for a
successful retirement, whether it’s in 10 months or
10 years. This page is designed to provide the information, planning tools and practical ideas you can apply
today, as well as a listing of frequently asked questions
and more.
We also continue to provide financial education in
several school districts within our service area. These
courses are provided in conjunction with required
high school curriculum, and help equip our leaders of
tomorrow with the skills and knowledge to make prudent
financial decisions in the years to come. We are incredibly
proud of the partnerships we have made through this
program and the achievements these students have
made as a result of what they’ve learned.
MMFCU also recently announced the addition of
TruStage® Insurance – additional insurance options
for auto, home, health and life. TruStage Insurance
products and programs help members protect what
matters most. Backed by nearly 80 years of working in
partnership with credit unions and their members, you’ll
find affordable products and programs – only available
to credit union members like you.
With all of that said, I wonder if – back in 1956 – that small
group of men and women who came together to form
this credit union ever imagined the impact their organization
would have. Over the past 60 years, we have evolved with
the times. Not to say we haven’t been through our share
of ups and downs, but through it all we have remained
true to the philosophy of “People Helping People.”
As you can likely imagine, with an increase in products
and services comes the need to provide additional
staff and locations to better serve you. In August 2015,
MMFCU opened its ninth full service branch location in
Detroit Lakes. Our Field of Membership expansion in
2014 also led to a merger with Pine to Prairie Federal
Credit Union in Twin Valley and has subsequently meant
an increase in membership in the last year alone. We
have also added new faces to our MMFCU family, and
reorganized our internal staff organizational structure.
Together, we celebrate this sixth decade of helping one
another on the road to financial success and are grateful
to those who had the foresight to begin this journey so
many years ago on a prayer and a handshake.
As the Dutch proverb goes, “From humble beginnings
come great things.”
Chairwoman’s
Report
I am incredibly inspired and humbled when
I look back to how Mid-Minnesota Federal
Credit Union came to be – 60 years ago
this year.
Historical record tells us it was seven employees of the
Northwest Paper Company who decided to start their
own financial cooperative. Now, 60 years later, the people’s
credit union is alive and well with the same vision it was
created – to provide an opportunity to the people to
have a say in their financial journey.
At MMFCU, everyone who has an account is a member,
and owner, of the Credit Union. Members can vote for
credit union directors to help run their financial institution.
I was elected to this position because of you – our member/
owners. After becoming a member, you’re invited to
enjoy the benefits of not only free and low cost services
and exceptional rates, but also knowing you have a say
in the decisions being made.
I am proud to share that, in 2015, MMFCU saved its
members a total of $751,087.12 through refinancing
other loans with better rates, providing services at
reduced to no additional fees, and more.
As times change, so do the delivery methods in sharing
news and information with our members. In the last
year, we have increased our social media presence –
taking advantage of platforms including Twitter,
Facebook, and Pinterest (to name a few). If you don’t
know what one (or all) of these are, don’t feel bad; you’re
not alone. But many of our members are very familiar,
and this allows us to assist them as they embark on their
financial journey.
Speaking of online opportunities – we recently launched
software that allows individuals to apply for loans and
open new accounts by computer or Smartphone. It’s
amazing what technology has made possible in just the
last few years.
I’d be remiss not to acknowledge and commend our
MMFCU staff. This dedicated group of our neighbors
and friends continues to find bigger and better ways to
meet the needs of our membership. And, in true fashion
with our motto “People Helping People,” MMFCU staff
continue to contribute countless hours of volunteerism
in and around their communities. It’s just part of who
they are and what they do. Walking the walk and talking
the talk.
It has been a phenomenal year to be involved with
Mid-Minnesota Federal Credit Union. I am proud of what
has transpired over time and am in anxious anticipation
of what’s yet to come.
Happy 60th Anniversary, MMFCU! I am proud to represent
this organization and its members as Chair of your Board
of Directors.
– Theresa Goble, Chairwoman
We continue to expand our menu of options and
services for our members – from opening your first
savings account to investment and retirement services
and everything in between.
– Chuck Albrecht, President/CEO
We are proud of who we were, who we are and where we are headed. This has been
a journey 60 years in the making – rich in history and people-centered. Thank you
for allowing us to walk along side you and continuing to build upon a legacy and
strong community tradition.
1966 – Potlach Dam, Brainerd, MN
That was Then. This is Now.
Your Credit Union’s History.
1956
Mid-Minnesota was founded by seven
Northwest Paper Company employees creating
Northwest Employees Credit Union
1971
Merged in Northern Division
Telco Credit Union
1970
1982
Name changed to Mid-Minnesota Federal
Credit Union with the merger of Cuyuna
Range Federal Credit Union
1989
Merged in Heartland Federal
Credit Union in Staples
2008
Alexandria Full Service Branch opened
2015
Merged in Pine to Prairie Federal Credit
Union in Twin Valley & opened a Full Service
Branch in Detroit Lakes
1985
Name changed to Brainerd
Community Federal Credit Union
Merged in Hennepin Employees Federal
Credit Union & several employer credit
unions in Little Falls
1973
Merged in City-County Credit Union
2006
Baxter Full Service Branch opened
2011
Pequot Lakes Full Service Branch opened
2012
Merged in Ashby Federal Credit Union
2016
MMFCU celebrates 60 years of
serving central Minnesota!
The year was 1956.
A rowdy rock and roller named Elvis Presley came onto the scene releasing his first
song, “Heartbreak Hotel.” Also in the world of entertainment, actress Grace Kelly married
President’s
Message
By tradition, a 60th anniversary is typically
symbolized by a diamond or gold – both
precious and coveted. This year, we celebrate
the 60th anniversary of Mid-Minnesota Federal Credit
Union. Much like the symbols that commemorate
such an occasion, we believe this organization to be
Prince Rainier III, of Monaco; heavyweight-boxing champion Rocky Marciano retired
without losing a professional boxing match; and Bob Barker made his TV debut as host
valuable and highly regarded.
of the game show Truth or Consequences.
We have experienced much growth and, as a
result, many positive changes over the past year. From
behind-the-scenes enhancements to front-of-the-house
additions, Mid-Minnesota Federal Credit Union refuses
to rest on its laurels. We continue to recognize the
diverse and changing needs of our membership and rise
to the occasion in meeting those needs.
Those wanting to purchase a new home looked to spend an average of $11,700. Yearly
wages for the working class were approximately $4,450. A new car averaged about
$2,050, and gasoline to fill it was 22 cents a gallon.
In 60 years, much has changed. We’ve come a long way from “Guys and Dolls” and the
In 2015 MMFCU commenced and completed a
long-anticipated Core Enhancement process. This
process drastically improved our technological
infrastructure, paving the way for new products our
members have requested and providing improvements
to many of MMFCU’s current services. I would like to
thank our staff and members for their patience during
this extensive process. It was not an easy undertaking,
but it was a critical one for our growing organization.
first black and white portable television. However, in 1956, a group of forward-thinking,
hard-working individuals put into motion a local movement that has not only remained
unchanged, but has strengthened and stood the test of time.
Seven employees of the Northwest Paper Company created the Northwest Employees
Credit Union – a financial cooperative that would provide ownership to its members,
and nothing more than a simple handshake finalized a deal.
As we continually fine tune existing services, we also
consistently work to add new tools to our proverbial
financial toolbox. In 2015, we launched ClickSWITCHTM,
Today, we celebrate the concept of the credit union. Mid-Minnesota Federal Credit
Union was started and supported by men and women who longed for something
different. They wanted a choice in their financial solutions. Perhaps some couldn’t
Chuck Albrecht, President/CEO
qualify for loans at their bank and knew the credit union was their only option to see their
Over the past 60 years, we
have evolved with the times.
dreams become reality. We can only begin to imagine the doors a credit union opened
for these hard-working people. It was far more than a financial institution.
From humble beginnings came Mid-Minnesota Federal Credit Union – now nearly
38,000 members strong with over $287,868,101 in total assets.
an online link that allows members to move recurring
payments from old accounts to a new one with MMFCU.
The process is automated, easy and quick. With
ClickSWITCH, MMFCU members can change financial
institutions without the hassle of filling out multiple
forms or wasting time contacting payees for automated
payments. Simply log into the ClickSWITCH portal and
switch your existing direct deposits and automatic
payments. Account information is transferred instantly,
paving the way for a smooth and speedy transition to
your new account.
Our Education Network continues to flourish. With the
help of technology, we are now able to electronically
share educational sessions with outlying communities,
via WebEx. Last year, we offered 12 different workshops
ranging from “Identity Theft” to “Caring for Aging Parents. “
Providing educational opportunities on a variety of topics
is of utmost importance to MMFCU. We want to arm our
members with the information and resources to make
the best decisions for themselves and their loved ones
throughout their lifetime. A listing of current offerings
is available on our website under the “Events” tab.
For those counting down the days until retirement,
we have provided a variety of resources and tools in a
one-stop shop within mmfcu.org. At Retirement
Central®, you’ll find everything you need to help plan for a
successful retirement, whether it’s in 10 months or
10 years. This page is designed to provide the information, planning tools and practical ideas you can apply
today, as well as a listing of frequently asked questions
and more.
We also continue to provide financial education in
several school districts within our service area. These
courses are provided in conjunction with required
high school curriculum, and help equip our leaders of
tomorrow with the skills and knowledge to make prudent
financial decisions in the years to come. We are incredibly
proud of the partnerships we have made through this
program and the achievements these students have
made as a result of what they’ve learned.
MMFCU also recently announced the addition of
TruStage® Insurance – additional insurance options
for auto, home, health and life. TruStage Insurance
products and programs help members protect what
matters most. Backed by nearly 80 years of working in
partnership with credit unions and their members, you’ll
find affordable products and programs – only available
to credit union members like you.
With all of that said, I wonder if – back in 1956 – that small
group of men and women who came together to form
this credit union ever imagined the impact their organization
would have. Over the past 60 years, we have evolved with
the times. Not to say we haven’t been through our share
of ups and downs, but through it all we have remained
true to the philosophy of “People Helping People.”
As you can likely imagine, with an increase in products
and services comes the need to provide additional
staff and locations to better serve you. In August 2015,
MMFCU opened its ninth full service branch location in
Detroit Lakes. Our Field of Membership expansion in
2014 also led to a merger with Pine to Prairie Federal
Credit Union in Twin Valley and has subsequently meant
an increase in membership in the last year alone. We
have also added new faces to our MMFCU family, and
reorganized our internal staff organizational structure.
Together, we celebrate this sixth decade of helping one
another on the road to financial success and are grateful
to those who had the foresight to begin this journey so
many years ago on a prayer and a handshake.
As the Dutch proverb goes, “From humble beginnings
come great things.”
Chairwoman’s
Report
I am incredibly inspired and humbled when
I look back to how Mid-Minnesota Federal
Credit Union came to be – 60 years ago
this year.
Historical record tells us it was seven employees of the
Northwest Paper Company who decided to start their
own financial cooperative. Now, 60 years later, the people’s
credit union is alive and well with the same vision it was
created – to provide an opportunity to the people to
have a say in their financial journey.
At MMFCU, everyone who has an account is a member,
and owner, of the Credit Union. Members can vote for
credit union directors to help run their financial institution.
I was elected to this position because of you – our member/
owners. After becoming a member, you’re invited to
enjoy the benefits of not only free and low cost services
and exceptional rates, but also knowing you have a say
in the decisions being made.
I am proud to share that, in 2015, MMFCU saved its
members a total of $751,087.12 through refinancing
other loans with better rates, providing services at
reduced to no additional fees, and more.
As times change, so do the delivery methods in sharing
news and information with our members. In the last
year, we have increased our social media presence –
taking advantage of platforms including Twitter,
Facebook, and Pinterest (to name a few). If you don’t
know what one (or all) of these are, don’t feel bad; you’re
not alone. But many of our members are very familiar,
and this allows us to assist them as they embark on their
financial journey.
Speaking of online opportunities – we recently launched
software that allows individuals to apply for loans and
open new accounts by computer or Smartphone. It’s
amazing what technology has made possible in just the
last few years.
I’d be remiss not to acknowledge and commend our
MMFCU staff. This dedicated group of our neighbors
and friends continues to find bigger and better ways to
meet the needs of our membership. And, in true fashion
with our motto “People Helping People,” MMFCU staff
continue to contribute countless hours of volunteerism
in and around their communities. It’s just part of who
they are and what they do. Walking the walk and talking
the talk.
It has been a phenomenal year to be involved with
Mid-Minnesota Federal Credit Union. I am proud of what
has transpired over time and am in anxious anticipation
of what’s yet to come.
Happy 60th Anniversary, MMFCU! I am proud to represent
this organization and its members as Chair of your Board
of Directors.
– Theresa Goble, Chairwoman
We continue to expand our menu of options and
services for our members – from opening your first
savings account to investment and retirement services
and everything in between.
– Chuck Albrecht, President/CEO
We are proud of who we were, who we are and where we are headed. This has been
a journey 60 years in the making – rich in history and people-centered. Thank you
for allowing us to walk along side you and continuing to build upon a legacy and
strong community tradition.
1966 – Potlach Dam, Brainerd, MN
That was Then. This is Now.
Your Credit Union’s History.
1956
Mid-Minnesota was founded by seven
Northwest Paper Company employees creating
Northwest Employees Credit Union
1971
Merged in Northern Division
Telco Credit Union
1970
1982
Name changed to Mid-Minnesota Federal
Credit Union with the merger of Cuyuna
Range Federal Credit Union
1989
Merged in Heartland Federal
Credit Union in Staples
2008
Alexandria Full Service Branch opened
2015
Merged in Pine to Prairie Federal Credit
Union in Twin Valley & opened a Full Service
Branch in Detroit Lakes
1985
Name changed to Brainerd
Community Federal Credit Union
Merged in Hennepin Employees Federal
Credit Union & several employer credit
unions in Little Falls
1973
Merged in City-County Credit Union
2006
Baxter Full Service Branch opened
2011
Pequot Lakes Full Service Branch opened
2012
Merged in Ashby Federal Credit Union
2016
MMFCU celebrates 60 years of
serving central Minnesota!
The year was 1956.
A rowdy rock and roller named Elvis Presley came onto the scene releasing his first
song, “Heartbreak Hotel.” Also in the world of entertainment, actress Grace Kelly married
President’s
Message
By tradition, a 60th anniversary is typically
symbolized by a diamond or gold – both
precious and coveted. This year, we celebrate
the 60th anniversary of Mid-Minnesota Federal Credit
Union. Much like the symbols that commemorate
such an occasion, we believe this organization to be
Prince Rainier III, of Monaco; heavyweight-boxing champion Rocky Marciano retired
without losing a professional boxing match; and Bob Barker made his TV debut as host
valuable and highly regarded.
of the game show Truth or Consequences.
We have experienced much growth and, as a
result, many positive changes over the past year. From
behind-the-scenes enhancements to front-of-the-house
additions, Mid-Minnesota Federal Credit Union refuses
to rest on its laurels. We continue to recognize the
diverse and changing needs of our membership and rise
to the occasion in meeting those needs.
Those wanting to purchase a new home looked to spend an average of $11,700. Yearly
wages for the working class were approximately $4,450. A new car averaged about
$2,050, and gasoline to fill it was 22 cents a gallon.
In 60 years, much has changed. We’ve come a long way from “Guys and Dolls” and the
In 2015 MMFCU commenced and completed a
long-anticipated Core Enhancement process. This
process drastically improved our technological
infrastructure, paving the way for new products our
members have requested and providing improvements
to many of MMFCU’s current services. I would like to
thank our staff and members for their patience during
this extensive process. It was not an easy undertaking,
but it was a critical one for our growing organization.
first black and white portable television. However, in 1956, a group of forward-thinking,
hard-working individuals put into motion a local movement that has not only remained
unchanged, but has strengthened and stood the test of time.
Seven employees of the Northwest Paper Company created the Northwest Employees
Credit Union – a financial cooperative that would provide ownership to its members,
and nothing more than a simple handshake finalized a deal.
As we continually fine tune existing services, we also
consistently work to add new tools to our proverbial
financial toolbox. In 2015, we launched ClickSWITCHTM,
Today, we celebrate the concept of the credit union. Mid-Minnesota Federal Credit
Union was started and supported by men and women who longed for something
different. They wanted a choice in their financial solutions. Perhaps some couldn’t
Chuck Albrecht, President/CEO
qualify for loans at their bank and knew the credit union was their only option to see their
Over the past 60 years, we
have evolved with the times.
dreams become reality. We can only begin to imagine the doors a credit union opened
for these hard-working people. It was far more than a financial institution.
From humble beginnings came Mid-Minnesota Federal Credit Union – now nearly
38,000 members strong with over $287,868,101 in total assets.
an online link that allows members to move recurring
payments from old accounts to a new one with MMFCU.
The process is automated, easy and quick. With
ClickSWITCH, MMFCU members can change financial
institutions without the hassle of filling out multiple
forms or wasting time contacting payees for automated
payments. Simply log into the ClickSWITCH portal and
switch your existing direct deposits and automatic
payments. Account information is transferred instantly,
paving the way for a smooth and speedy transition to
your new account.
Our Education Network continues to flourish. With the
help of technology, we are now able to electronically
share educational sessions with outlying communities,
via WebEx. Last year, we offered 12 different workshops
ranging from “Identity Theft” to “Caring for Aging Parents. “
Providing educational opportunities on a variety of topics
is of utmost importance to MMFCU. We want to arm our
members with the information and resources to make
the best decisions for themselves and their loved ones
throughout their lifetime. A listing of current offerings
is available on our website under the “Events” tab.
For those counting down the days until retirement,
we have provided a variety of resources and tools in a
one-stop shop within mmfcu.org. At Retirement
Central®, you’ll find everything you need to help plan for a
successful retirement, whether it’s in 10 months or
10 years. This page is designed to provide the information, planning tools and practical ideas you can apply
today, as well as a listing of frequently asked questions
and more.
We also continue to provide financial education in
several school districts within our service area. These
courses are provided in conjunction with required
high school curriculum, and help equip our leaders of
tomorrow with the skills and knowledge to make prudent
financial decisions in the years to come. We are incredibly
proud of the partnerships we have made through this
program and the achievements these students have
made as a result of what they’ve learned.
MMFCU also recently announced the addition of
TruStage® Insurance – additional insurance options
for auto, home, health and life. TruStage Insurance
products and programs help members protect what
matters most. Backed by nearly 80 years of working in
partnership with credit unions and their members, you’ll
find affordable products and programs – only available
to credit union members like you.
With all of that said, I wonder if – back in 1956 – that small
group of men and women who came together to form
this credit union ever imagined the impact their organization
would have. Over the past 60 years, we have evolved with
the times. Not to say we haven’t been through our share
of ups and downs, but through it all we have remained
true to the philosophy of “People Helping People.”
As you can likely imagine, with an increase in products
and services comes the need to provide additional
staff and locations to better serve you. In August 2015,
MMFCU opened its ninth full service branch location in
Detroit Lakes. Our Field of Membership expansion in
2014 also led to a merger with Pine to Prairie Federal
Credit Union in Twin Valley and has subsequently meant
an increase in membership in the last year alone. We
have also added new faces to our MMFCU family, and
reorganized our internal staff organizational structure.
Together, we celebrate this sixth decade of helping one
another on the road to financial success and are grateful
to those who had the foresight to begin this journey so
many years ago on a prayer and a handshake.
As the Dutch proverb goes, “From humble beginnings
come great things.”
Chairwoman’s
Report
I am incredibly inspired and humbled when
I look back to how Mid-Minnesota Federal
Credit Union came to be – 60 years ago
this year.
Historical record tells us it was seven employees of the
Northwest Paper Company who decided to start their
own financial cooperative. Now, 60 years later, the people’s
credit union is alive and well with the same vision it was
created – to provide an opportunity to the people to
have a say in their financial journey.
At MMFCU, everyone who has an account is a member,
and owner, of the Credit Union. Members can vote for
credit union directors to help run their financial institution.
I was elected to this position because of you – our member/
owners. After becoming a member, you’re invited to
enjoy the benefits of not only free and low cost services
and exceptional rates, but also knowing you have a say
in the decisions being made.
I am proud to share that, in 2015, MMFCU saved its
members a total of $751,087.12 through refinancing
other loans with better rates, providing services at
reduced to no additional fees, and more.
As times change, so do the delivery methods in sharing
news and information with our members. In the last
year, we have increased our social media presence –
taking advantage of platforms including Twitter,
Facebook, and Pinterest (to name a few). If you don’t
know what one (or all) of these are, don’t feel bad; you’re
not alone. But many of our members are very familiar,
and this allows us to assist them as they embark on their
financial journey.
Speaking of online opportunities – we recently launched
software that allows individuals to apply for loans and
open new accounts by computer or Smartphone. It’s
amazing what technology has made possible in just the
last few years.
I’d be remiss not to acknowledge and commend our
MMFCU staff. This dedicated group of our neighbors
and friends continues to find bigger and better ways to
meet the needs of our membership. And, in true fashion
with our motto “People Helping People,” MMFCU staff
continue to contribute countless hours of volunteerism
in and around their communities. It’s just part of who
they are and what they do. Walking the walk and talking
the talk.
It has been a phenomenal year to be involved with
Mid-Minnesota Federal Credit Union. I am proud of what
has transpired over time and am in anxious anticipation
of what’s yet to come.
Happy 60th Anniversary, MMFCU! I am proud to represent
this organization and its members as Chair of your Board
of Directors.
– Theresa Goble, Chairwoman
We continue to expand our menu of options and
services for our members – from opening your first
savings account to investment and retirement services
and everything in between.
– Chuck Albrecht, President/CEO
We are proud of who we were, who we are and where we are headed. This has been
a journey 60 years in the making – rich in history and people-centered. Thank you
for allowing us to walk along side you and continuing to build upon a legacy and
strong community tradition.
1966 – Potlach Dam, Brainerd, MN
That was Then. This is Now.
Your Credit Union’s History.
1956
Mid-Minnesota was founded by seven
Northwest Paper Company employees creating
Northwest Employees Credit Union
1971
Merged in Northern Division
Telco Credit Union
1970
1982
Name changed to Mid-Minnesota Federal
Credit Union with the merger of Cuyuna
Range Federal Credit Union
1989
Merged in Heartland Federal
Credit Union in Staples
2008
Alexandria Full Service Branch opened
2015
Merged in Pine to Prairie Federal Credit
Union in Twin Valley & opened a Full Service
Branch in Detroit Lakes
1985
Name changed to Brainerd
Community Federal Credit Union
Merged in Hennepin Employees Federal
Credit Union & several employer credit
unions in Little Falls
1973
Merged in City-County Credit Union
2006
Baxter Full Service Branch opened
2011
Pequot Lakes Full Service Branch opened
2012
Merged in Ashby Federal Credit Union
2016
MMFCU celebrates 60 years of
serving central Minnesota!
Balance Sheets For the Years Ended December 31, 2013-2015
Assets
Net Loans Outstanding
Cash & Cash Equivalents
Shares in Other Credit Unions
Investments
Land & Buildings
Furniture & Equipment
Other Assets
Total Assets
2013
20142015
$184,535,775
$207,000,058$ 227,685,262
32,851,855 10,071,210
17,309,783
7,480,000 -
5,458,000
21,338,446
15,631,409
7,197,470 7,060,360
6,923,407
1,288,5001,947,8172,792,086
12,223,26512,886,14313,085,257
$251,034,865$260,304,034$283,427,204
Liabilities
Accounts Payable/Other Liabilities
Dividends Payable
Borrowed Funds
Total Liabilities
$ 4,208,423
$ 3,715,655$3,279,063
11,77400
0 0
0
$ 4,220,197
$ 3,715,655
$ 3,279,063
Members’ Equity
Shares
Regular Reserves
Undivided Earnings
$218,706,423$226,922,779
$ 249,080,266
3,288,6253,288,6253,288,625
24,819,62026,376,97527,779,250
Total Equity
Total Liabilities & Equity
$246,814,668$256,588,379$280,148,141
$251,034,865$260,304,034$283,427,204
Field of Membership
MMFCU Locations
Executive Team, Vice Presidents, Directors, & Management
Mid-Minnesota Federal Credit Union serves all of Becker, Cass,
Crow Wing, Douglas, Morrison, Norman, Todd and
Wadena counties as well as Blowers and Paddock townships in
Otter Tail County and various townships* in Aitkin County.
ALEXANDRIA
405 50th Avenue West
(320) 762-2686
Executive Team
Charles (Chuck) Albrecht, CCE
BAXTER
13283 Isle Drive
(218) 829-0371
Chris Tangen
VP of Business Services
BRAINERD
200 South 6th Street
(218) 829-0371
EVP/Chief Financial Officer
If you live, work, worship, or attend school in any of the
geographic regions listed above, or are a relative of someone who lives, works,
worships, or attends school in these areas, you are eligible for membership.
You can become a member if you meet any of the above guidelines.
A simple $5.00 deposit will make you a member/owner of MMFCU – allowing
you to apply for any of our hundreds of free and low-cost services.
For more information about becoming a member and all of the products
and services MMFCU offers, please visit our website or call your local
branch office.
mmfcu.org
Aitkin County Townships eligible for membership are: Aitkin, Farm Island,
Fleming, Glen, Hazelton, Jeven, Kimberly, Lakeside, Logan, Malmo, McGregor, Morrison,
Nordland, Shamrock, Spencer, Turner, Wealthwood, and Workman Townships.
*
$ 9,714,796 $ 9,038,752
$ 10,093,321
112,675
214,490 256,038
5,238,3625,555,9325,941,103
Total Income
$15,065,833 Expenses
Interest & Dividends to Members
Compensation
Office Expenses
Other Expenses
$ 539,950
$ 429,581392,568
6,624,6427,177,0017,879,778
2012 Loan Mix
2,993,519 3,124,526 (percentages) 3,747,647
2,312,700 2,480,336 2,902,597
2013
$14,809,174
Total Loans
(in millions)
Automobile 40%
$14,922,590
First Mortgage 22%
1,367,872
Home Equity $12%
Business Purpose 12%
Recreational 7%
VISA 5%
Other 2%
Norman
Total Loans
(in millions)
Cass
Becker
DETROIT LAKES
1135 Washington Avenue
(218) 844-5540
VP of Consumer & Mortgage Lending
LITTLE FALLS
307 1st Street SE
(320) 632-6679
Michelle Boggs
$251
$260
$187
$181
10
Morrison
Total Loans
(in millions)
$192
$283
$187
1.0
$181
12
11
Little Falls Branch Manager
Jill Carlson
Jill Decent
Director of Training & Community Relations
Staples Branch Manager
Tiffany Hirschey
Regional Manager
Val Riepe
Twin Valley Assistant
Branch Manager
Nate Olson
Director of Mortgage Services
Regional Manager
Karly Lillo
VP of Accounting & Finance
Terri Kobliska
Crosby Branch Manager
Jon Tomlinson
Karen Munsterteiger
Director of Technology Services
Marnie Perfetti Galston, CCUE
VP of Human Resources
Director of Marketing & Communications
Board of Directors
The Board of Directors of Mid-Minnesota Federal Credit Union consists of nine individuals from varying communities throughout central Minnesota.
15
Theresa Goble
Rhonda Smith
Mark Korwin-Kuczynski
Jason Anakkala
Chairwoman
First Vice Chair
Second Vice Chair
Secretary
Geoff Gorvin
Todd Froemming
Al Kolling
Bunny Johnston
Jeff Wig
Total Assets
(in millions)
$222
$222
$245
10
11
12
Total Assets
(in millions)
$222
$222
$245
Federally insured by NCUA.
Federally insured by NCUA. Equal Housing Lender.
0.4
(in millions)
Jeanne Lee
Alexandria Branch Manager
Crow Wing
Todd
(in millions)
$228
$192
0.6
Total Assets
Brainerd Branch Manager
Director of Support Services
Jonathan LeMieur
Otter Tail
13
14
15
10
0.2
0.0
(in millions)
Danielle Addison
Nicole Pfeffer
Aitkin
Wadena
Total Assets
2015
Total Loans
Detroit Lakes Branch Manager
Dusti Borg
Vice Presidents
0.8
14
Becca Robbins
Director of Loss Prevention
EVP/Chief Operations Officer
$185
13
Pequot Lakes Branch Manager
BAXTER DRIVE-THROUGH FACILITY
8500 Fairview Road
South of the Westgate Mall, Hwy 210
Douglas
Automobile ...................... 46%
First Mortgage ............... 18%
Business Purpose ......... 13%
Recreational ....................... 9%
Second Mortgage ........... 7%
Visa ........................................... 4%
Other ....................................... 3%
Amy Sjoblad
$ 16,290,462
$ 13,211,444 $ 1,597,730 $207
Troy Casper
Cheryl McKinney
Mary Pedersen, CCUE
STAPLES
1220 North 4th Street
(218) 894-2463
20142015
$12,470,811 $ 2,595,023
(percentages)
MMFCU
Branch Managers
Directors
Doug Wolf
PEQUOT LAKES
30483 State Hwy 371
(218) 568-8450
VP of Branch Operations
TWIN VALLEY
122 Main Avenue West
(218) 584-5499
Interest
Interest on Loans
Interest on Investments
Other Income
Loan Mix
Chief Technology Officer
CROSBY
117 West Main Street
(218) 546-5428
Income Statements For the Years Ended December 31, 2013-2015
Total Expenses
­ Net Income
Chief Executive Officer/President
Missy Borg, CCUE
11
12
10
11
12
Community Advisory Board
Supervisory Committee
Credit unions are community organizations, formed and owned by our
members. Keeping with this tradition, Mid-Minnesota has formed Community
Advisory Councils. These council members serve as ambassadors for MMFCU –
sharing information about our services while gathering vital input.
The primary function of your Supervisory Committee is to regularly
audit all facets of the credit union, including financial management,
administration, and operational practices. These volunteer members
play an important role in our direction, ensuring the safety and security
of your credit union funds.
Alexandria
Crosby
Wayne (Bill) Bailey
Geoff Gorvin
Bill Franzen
Mike Porwoll
Tamera Lee
Glenda Kvitek
Randy Jansen
Calvin Lutzke
Barry Nelson
Roland Anderson
Sheldon W. Sanborn
Cindy Nelson­­
Mike Woodard
Brainerd/
Baxter
Linda Burggraff
Jan Erwin
Cathy Hartle
Aaron Olson
Karen Bolz
Rod Carlson
Mel Dahlberg
Pat Krueger
Ed Spilman
Little Falls
Pequot
Lakes
Kathy Bittner Lee
Leroy Dudgeon
Julie Gowen
Deb Sommer
Larry Oaks
Cindy Hidde
Staples
Dave Jessop
Vern Drake
Terri Duff
Tom Neznik
Chairman
Member
Angella Roby
Member
Member
Member