SLEEPY EYE - SouthPoint Federal Credit Union held its 75th Annual Meeting at the Eagles Orchid Inn in Sleepy Eye on March 16.
CEO Richard Nesvold presented the financial statements for 2010, commenting that SouthPoint remains one of the most sound financial institutions in the region.
Nesvold reviewed the financial data for 2010, along with growth data on membership and many of the products and services offered by SouthPoint.
Nesvold stated that he felt the outlook for 2011 will be very similar to 2010 lower loan demand and a continuation of the low interest rate environment. He also reviewed some of the new products and services that will be introduced in 2011.
He talked about the commitment of the credit union to the community and noted multiple events/functions that SouthPoint and its staff participate in.
Also speaking were Rich Gabrielson, CPA with LarsonAllen; Mark Cummins, president and CEO of the MN Credit Union Network and David Ward from the Cooperative Network.
Gabrielson presented the results of the last independent audit of the credit union financial statements.
Cummins provided a history of the credit union movement in the United States, and in Minnesota. He indicated that today Minnesota has 152 credit unions with $15.6 billion in assets and 1.5 million members.