The Minnesota Credit Union Network (MnCUN) on Wednesday released "Minnesota Minded," a report about the growth Minnesota credit unions have experienced since the financial crisis.
Growth for Minnesota credit unions includes adding over 100,000 new members in two years and an increase in nearly every measurement of credit union strength. Minnesota Minded is designed to illustrate the significant trust that consumers have placed in Minnesota credit unions, which hold over $19 billion in assets and serve more 1.6 million Minnesotans at over 400 locations.
Minnesota Minded was introduced in Brainerd at Mid-Minnesota Federal Credit Union by MnCUN President & CEO Mark Cummins, Mid-Minnesota President/CEO Chuck Albrecht, and Crow Wing Power Credit Union Vice President Diane Viehauser. The credit union officials were joined by Sen. Carrie Ruud (R) and Rep. John Ward (DFL) at an event featuring the community involvement and financial education initiatives led by Mid-Minnesota Federal Credit Union and Crow Wing Power Credit Union.
"We have been seeing record growth in Minnesota over the past two years due to consumers' trust in their local credit unions," Cummins said. "Every day credit unions help create a brighter financial future for their members and their communities."
Minnesota credit unions have led the way in financial literacy education in Minnesota including five branches in high schools, and in-school curriculum and education initiatives, according to credit union officials.
ADVERTISEMENT
"Since 2008 we have had a partnership with Brainerd area schools and surrounding communities to provide financial education materials - without our logo - because we believe that when kids are better equipped for the real world, that is better for our communities," Albrecht said.
"We were founded 15 years ago and have grown to 5,100 members with nearly $75 million in assets to serve the members of Crow Wing Power," Crow Wing Power Credit Union Vice President Diane Viehauser said, recalling the decision to form the credit union as the ultimate way to help their members. Viehauser provides personal finance education through her volunteer efforts with Junior Achievement.
"Credit unions do remarkably good work. In the finance arena, credit unions are known as 'the good guys,'" said Rep. John Ward, DFL-Baxter. "That's why you've grown - credit unions are always giving back."
"Credit unions are a vital part of the community - and the education piece is so important," Sen. Carrie Ruud, R-Breezy Point, said, relaying a personal anecdote about her son and balancing his checkbook. She expressed appreciation for credit unions and their continual willingness to support community initiatives.
