Credit union
Magnifi Financial Credit Union
Melrose, Minnesota, Stearns County, MN
$2.8B in total assets and 85,513 members, the 190th largest of 4,298 US credit unions and 4th of 80 headquartered in Minnesota.
- NCUA charter
- 68604
- Charter
- State chartered (MN)
- Chartered
- 1939
- NCUA insured since
- 1974
- Website
- http://www.mymagnifi.org
At a glance
Compared with 8 federally insured credit unions in Minnesota with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This credit union | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $2.8B | 62% | $1.3B | |
| Loans | $2.3B | 62% | $928M | |
| Deposits (shares) | $2.3B | 62% | $1.2B | |
| Members | 85,513 | 62% | 73,348 | |
| Return on assets | 0.63% | 12% | 0.94% | |
| Net interest income to assets | 3.35% | 38% | 3.41% | |
| Efficiency ratio | 75.2% | 62% | 72.8% | |
| Net worth ratio | 11.04% | 75% | 10.81% | |
| Loans to shares | 100% | 98% | 90% | |
| Cost of deposits | 2.00% | 88% | 1.65% |
Ratios are annualized from year-to-date figures. Return on assets uses average assets, as NCUA does. Cost of deposits includes dividends on shares.
Growth
Total assets grew 11.7% a year over 10 years and 12.1% a year over the last 5, including 3 mergers in the last 10 years. Membership grew 3.1% a year over 5 years, to 85,513.
Dashed lines mark larger mergers, listed below.
Mergers and acquisitions
| Closed | Absorbed | Assets at last filing |
|---|---|---|
| Oct 2022 | Financial One Credit Union Credit union, Columbia Height, MN | $204M |
| Apr 2019 | Soo Line Credit Union Credit union, Savage, MN | $40M |
| May 2017 | Collegeville Community Credit Union Credit union, Collegeville, MN | $10M |
| Jul 2014 | Moorhead Teachers Credit Union Credit union, Fargo, ND | $780K |
| Feb 2014 | St. Francis Campus Employees Credit Union Credit union, failed, Little Falls, MN | $51M |
| Jul 2012 | Moorhead Federal Credit Union Credit union, Moorhead, MN | $7M |
| Oct 2011 | Heart of the Lakes Credit Union Credit union, New York Mills, MN | $21M |
Where they operate
29 branches in 11 counties.
2 of 29 branch locations are approximate (ZIP code centers).
Largest counties by branches
| County | Branches | Share of all branches | Rank |
|---|---|---|---|
| Stearns County, MN | 13 | 18.1% | 1 of 36 |
| Anoka County, MN | 4 | 5.1% | 4 of 35 |
| Otter Tail County, MN | 2 | 6.2% | 3 of 22 |
| Todd County, MN | 2 | 15.4% | 1 of 8 |
| Cass County, ND | 2 | 1.9% | 17 of 40 |
| Clay County, MN | 1 | 4.2% | 6 of 15 |
| Hennepin County, MN | 1 | 0.3% | 43 of 94 |
| Kandiyohi County, MN | 1 | 4.5% | 5 of 15 |
Credit unions do not report deposits by branch, so these are branch counts: this credit union's branches against every bank and credit union branch in the county. Rank is among all banks and credit unions with a branch there.
Branches by year
| Year end | Branches | Change |
|---|---|---|
| 2016 | 18 | |
| 2017 | 18 | 0 |
| 2018 | 20 | +2 |
| 2019 | 23 | +3 |
| 2020 | 22 | −1 |
| 2021 | 23 | +1 |
| 2022 | 25 | +2 |
| 2023 | 26 | +1 |
| 2024 | 28 | +2 |
| 2025 | 28 | 0 |
| Jun 2026 | 29 | +1 |
Member-serving offices as listed in NCUA call reports. Changes include branches gained in mergers.
Earnings and credit
Return on assets
Year to date, annualized, with the peer median.
Credit and capital
| This credit union | Peer median | |
|---|---|---|
| Delinquent loans, 60+ days | 0.21% | 0.78% |
| Net worth ratio | 11.04% | 10.81% |
| Loans to shares | 100% | 90% |
Delinquent loans are two or more months past due. Net worth is NCUA's capital measure for credit unions.
Related
Credit unions of similar size in Minnesota
Most branches in Stearns County, MN
Figures as of June 30, 2026 from the credit union's NCUA call report (Form 5300), NCUA's credit union locator and FFIEC merger records.