Prior Lake, MN – Members of South Metro Federal Credit Union in Prior Lake, Minnesota, gathered at the annual meeting to hear a report of the status of the Credit Union and to share a meal on April 23, 2013, at Mystic Lake Casino Hotel. Chairman of the Board Bill Rudnicki called the meeting to order. Secretary of the Board Stan Ellison certified the notice to members. During the President’s report, South Metro President Don Crofut spoke about the growth and success experienced over the past year in the face of recession.

“We have a solid net capital position at 9.54%. Additionally, we are continuing to be recognized by several independent ratings groups as a 5 Star financial institution,” reported Crofut.

It has been more than 19 years since SMFCU was sponsored by the SMSC to be a member owned not-for-profit financial institution. South Metro has demonstrated consistent growth with assets of more than $85 million, an increase of 7% over the previous year. This compares to assets of $10 million after its’ first full year of operation in 1993. Net income for the year was $606,000, up 43%. The equity at the end of 2012 was $8.5 million.

Wealth Management and Investment services offered by South Metro with partner, CUSO Financial Services, had a growth rate of 80% last year.

Crofut also reported on South Metro’s merger with North Country Cooperative FCU last November which added members of consumer food coops and housing cooperatives in six Midwestern states as members. Membership has grown 12% in the past year, serving more than 3,300 members, and the members of those coops who are members.

He discussed new services offered such as home banking system; telephone response systems; a full business account and loan product suite as well as remote deposit capture for business members; member loan products for business lending, Coop share housing and Cooperative mortgages; and a member service called My Money Manager program, a concierge program with payment processing, and budgeting support.

By the end of 2013, all SMFCU deposit and loan products will be available online with account opening, loan applications, and instant approval as well as auto indirect lending with local auto and motorcycle dealers.

Elections were held to fill one seat on the board of directors. All elected board members are required to be South Metro Federal Credit Union members. Lew Baguette resigned his seat on the board; his seat was filled by Nick LaFontaine. Other board members are Stan Ellison, Ellen Zacharias, Scott Campbell, Don Crofut, Art Theleman, and Bill Rudnicki.

South Metro was sponsored by a capital contribution from the Shakopee Mdewakanton Sioux Community, a federally recognized Indian tribe located in Prior Lake, Minnesota, in 1993.

About South Metro

South Metro Federal Credit Union is a chartered, federal credit union, providing a wide range of financial products and services for everyone living or working in Scott County, Minnesota, or an individual member of the Northcountry Cooperative Development Fund, or individual members and their family of those cooperatives. All deposits up to $250,000 per account are insured by the National Credit Union Administration, an agency of the U.S. government. South Metro maintains supplemental share insurance to cover up to an additional $150,000 per account through Excess Share Insurance, Inc. South Metro was sponsored by a capital contribution from the Shakopee Mdewakanton Sioux Community, a federally recognized Indian tribe located in Prior Lake, Minnesota, and leases space in a building owned by the SMSC which is LEED certified. For more information, go to www.southmet.com.