News & Press: Credit Union News

SouthPoint shaping up on south side — new credit union will open in several weeks

Monday, July 31, 2017  
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Hutchinson Leader (July 31, 2017) - A new business bound for Hutchinson hails from Sleepy Eye.

SouthPoint Financial Credit Union is adding a location at 1250 State Highway 15 S., in front of Walmart. This is the credit union’s sixth location, following an opening in North Mankato earlier this year.

“Back in 2015 we expanded our charter from seven counties to 17,” said Jay Gostonczik, vice president of retail services. “In that process, we realized there were a number of communities not served by a credit union, especially not a credit union focused on the community. We know there is already a credit union (in Hutchinson). Their focus is a little bit different than ours.”

Novation Credit Union moved from the building SouthPoint is moving into, and opened downtown last year. It was founded in 1954 for use by 3M employees. SouthPoint was founded in 1936 by members of St. Mary’s Church of Sleepy Eye — it was known then as St. Mary’s Parish Sleepy Eye Credit Union.

Today, the $300 million credit union has more than 15,000 members and is the 15th largest in the state. It functions as a not-for-profit cooperative, and distributes profits among members in the form of lower loan rates, fewer and lower fees and higher savings rates.

The Hutchinson branch will provide transaction services, checking, money market and certificate accounts, auto and home loans, business services and alternative investment opportunities for individuals and businesses, according to a press release. A drive-thru ATM and night depository are also available.

“The ATM has been up and running there since January,” Gostonczik said.

He expects SouthPoint will open in late August or early September, but official word still awaits a final construction deadline.

“We are still finalizing construction details,” Gostoneczik said. “We hope to have a formal announcement within the next week.”

SouthPoint has 90 employees, and has three new staff from the Hutchinson area for the expansion.

“As the branch develops we will be looking for some student workers from the schools to get exposure to our business and the credit union,” Gostoneczik said. “We will be looking to build relationships with them — both the high school and college. A lot of times we have relationships in the schools. Generally, we hire student workers in order to expose them to the business world.”

He said SouthPoint has had success promoting from within, and currently has five employees who started as student workers.

“We have been fortunate to receive positive feedback (in Hutchinson),” Gostoneczik said. “We are excited to get in there.”

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

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