MIDLAND CO-OP CREDIT UNION HISTORY


Midland Co-op Credit Union was established in 1940 to serve the employees of Midland Cooperatives. After Midland Cooperatives merged in 1982 the Credit Union continued to serve the former employees and their family members.
Over the years the Credit Union added several small employee groups (SEGs) to its field of membership. Those SEGs include:

  • All Data
  • All Temp Storage Distribution/Recall
  • AME Innovations Inc.
  • American Converters Inc. /VAS
  • B. J. Transportation Inc.
  • Berggren Steel Fabricating Inc.
  • Boring Machine Inc.
  • Carlson Highland & Co. LLP
  • CHIPS Computer Services
  • Country Pride Services Co-op
  • Diversified Adjustment
  • Falcon Machine
  • Graphic Print Inc.
  • Highway Equipment & Refinishing
  • Hotsy Equipment Co.
  • Marathon Orthotics Inc.
  • Minneapolis Concrete Sawing and Drilling
  • Minneapolis Oxygen Co.
  • Minnesota Distributing & Manufacturing
  • NTM, Inc.
  • Panther Precision Machine
  • PJW Automotive
  • Pride Engineering, Inc.
  • Smart Management
  • Tran Electronics Corporation
  • Twin City Mechanical, Inc.


These employees and their family members are all eligible to become members of the Credit Union.

Today the Credit Union has over 2,400 members and assets over 12 million.

SAFETY & SOUNDNESS

Credit unions primarily engage in consumer loans and residential real estate lending to their members. Credit union performance is at a historically high level. Currently, credit union capital nationwide is 10.28% and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has operated above 1.25% for 11 consecutive years.

REGULATION & SUPERVISION

Credit unions are chartered under either federal or state law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. State chartered credit unions are regulated by their state credit union department. Midland Co-op Credit Union is state chartered under the laws of Minnesota.
NCUA administers the federal insurance fund, NCUSIF, which covers all federal credit unions, and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.