News & Press: Credit Union News

SouthPoint FCU’s 81st Annual Meeting of Members

Tuesday, April 25, 2017  
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SouthPoint Financial Credit Union - NEW ULM, Minn. (April 18, 2017) - SouthPoint Financial Credit Union held its 81st Annual Meeting at the Best Western Plus in New Ulm on Tuesday, April 18, 2017. Board Chairperson, Gordon Osmonson, called the meeting to order at noon and began with the Report of Directors and ended his portion of the meeting with the Report of the Supervisory Committee. The Supervisory Committee found that SouthPoint is conducting its affairs in a fiscally safe manner.


CEO Richard Nesvold then reviewed the financial data for year-end December 31st, 2016 along with growth data on membership, assets, loans and deposits.  A new area of growth for 2016 was found through the indirect lending channel, which accounted for 23% of new members throughout the year. He also discussed the expansion of SouthPoint’s branch locations including the newest branch in North Mankato and the next branch set to open in Hutchinson, MN, fall 2017. Nesvold also thanked the membership for their recent contributions to the Chain of Hearts campaign that ran in each branch.


Door prize drawings were held after the business meeting.  The winners were as follows:


  • Arneson Distributing Gift Basket – Gail Sorensen
  • Morgan Creek Vineyards Gift Basket -  Jeanette Rosenstengel
  • Hurricane Lantern & Candle – Agnes Wensauer
  • Pheasants Forever Artwork  - Lucy Sondag
  • The Cheese & Pie Mongers Gift Certificate and Basket  - Arlene Schroepfer
  • Chankaska Winery Gift Basket  - Mary Glaeseman

SouthPoint Financial Credit Union is a not-for-profit financial cooperative that distributes profits among members in the form of lower loan rates, fewer and lower fees and higher savings rates. Membership is open to all residents and businesses in a 17-county area of southern Minnesota. For additional information visit or call 877-794-6712.

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034