Northcountry Cooperative Federal Credit Union Merges with Prior Lake Based South Metro Federal Credit Union
Prior Lake, MN – Northcountry Cooperative Federal Credit Union (NCFCU) has merged with Prior Lake based South Metro Federal Credit Union. South Metro serves 3,000 members in Scott County, Minnesota, and has assets of more than $82 million.
NCFCU is a $5 million community development credit union that was started by members of the Northcountry Cooperative Development Fund (NCDF), a community development loan fund with 25 years of experience serving the needs of new and growing community-based cooperatives and their members.
Don Crofut, President of South Metro, said, “We are excited about the opportunities this merger presents for a number of reasons. First, we’ll be able to better serve our existing members, many who now work or live outside of Scott County. Second, we’ll have the chance to reach the 70% of Scott County residents who leave the county each day to work and are not currently our members. Last, this merger allows us to serve the NCDF Cooperative members and their own individual members with an expanded array of convenient and safe products and services.”
“We are confident this merger will have a positive impact on all of our members in the South Metro family,” said Chairman of the South Metro Board of Directors Bill Rudnicki. “We welcome our new members and look forward to serving them.”
Crofut said, “As a member-owner, we want our new members to take advantage of the full set of products and services that previously were not available to them. As part of a full service member-owned federal credit union, our new members can enjoy all the benefits membership brings, including voting at South Metro annual meetings. We work to serve our member-owners.”
The combined charter will be open to all persons living, working or worshipping in Scott County, Minnesota, or an individual member of Northcountry Cooperative Development Fund, or individual members and their family of those cooperatives.
About South Metro
South Metro Federal Credit Union is a community-chartered, federal credit union, providing a wide range of financial products and services for everyone living or working in Scott County, Minnesota. 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 http://www.southmet.com.