SLEEPY EYE - SouthPoint Federal Credit Union held its 76th Annual Meeting at the Eagles Orchid Inn in Sleepy Eye on March 20.
CEO Richard Nesvold presented the financial statements for 2011, stating that the credit union remains one of the soundest financial institutions in the region.
The CEO Report was given by Nesvold. He reviewed the financial data for year-end Dec. 31, 2011, as well as growth data on membership, assets, loan and deposits. He also presented asset and account data for each branch. Nesvold stated that SouthPoint is ranked as the 16th largest credit union in the state by asset size. He addressed the challenges he sees for the credit union in the upcoming year; regulatory changes, the need for new products and services to remain competitive in the market and the demographics of the current field of membership. Nesvold announced the National Credit Union Association, NCUA, approved SouthPoint for a field of membership expansion that added the counties of Nicollet, Sibley, Blue Earth and Le Sueur to its current membership. The addition of these counties will allow the credit union to continue to grow and offer competitive products and services to its members. He stated that the credit union is looking to serving these additional counties without needing to increase staff or branches.
Also speaking were Dean Rohne, with Clifton Larson Allen accounting firm; and Brad Finstad, executive director of the Center for Rural Policy and Development.
Rohne presented the results of the last independent audit of the credit union financial statements. Finstad reviewed data from the 2010 census showing the changes in demographics in Southwest and Southcentral Minnesota.