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BOARD OF DIRECTORS

STATEMENT OF Robert “Bob” Oehrlein, Chairman


FINANCIAL CONDITION Jason Horrigan,Vice Chair
Russell Mills, Secretary
Steven Ahlness, Treasurer
Dennis Schulz, Director
December 31, 2008 December 31, 2007 Darla Stenstrom, Director
Carl Anderson, Director
Assets
Net Loans Outstanding $119,022,822.57 $119,571,027.01
John Sandy, Director
2008 ANNUAL REPORT
Cash and Cash $1,556,015.42 $1,254,547.96 SUPERVISORY COMMITTEE
Equivalents Jack Sahlstrom, Chair

A Family Tradition
Investments $29,726,054.94 $28,992,265.84 Carol Allman
Terry Dalbey
Fixed Assets $8,178,250.42 $7,085,723.16
All Other Assets $3,060,531.28 $3,027,226.19
Mora Branch
Total Assets $161,543,674.63 $159,930,790.16 112 South Lake Street • Mora, MN 55051
320.679.3863
Liabilities Milaca Branch
400 3rd Avenue Southwest • Milaca, MN 56353
Accounts Payable/ $694,318.01 $532,375.75
320.983.2511
other Liabilities
Isle Branch
Certificate Interest $3,116.19 $6,113.98
390 Isle Street West • Isle, MN 56342
Payable 320.676.3607
Total Liabilities $697,434.20 $538,489.73 Elk River Branch
17035 Yale Court Northwest • Elk River, MN 55330
Members Equity 763.441.3842
Shares $144,570,169.84 $142,341,783.65 Pine City Branch
Statutory Reserve $4,157,523.44 $4,157,523.44 900 Main Street South • Pine City, MN 55063
320.629.1178
Undivided Earnings $12,118,547.15 $12,892,993.34
Ogilvie Branch
Total Equity $160,846,240.43 $159,392,300.43
200 West Highway 23 • Ogilvie, MN 56358
Total Liabilities $161,543,674.63 $159,930,790.16
and Reserves

Inside Pictures of Chairman of the Board, President and Supervisory Committee Chair copyright
Studio One Portraits, Inc.
Cover Picture, Warren Lewis family at Co-operators Credit Union in Mora, MN circa 1959.
www.gmcu.com 800.808.2830
2008annualreportFINAL.indd 1 3/26/2009 2:05:17 PM
Chairman of the Board’s Report President’s Report Supervisory Committee Chair’s
This past year, Greater Minnesota Credit Union faced many 74 years of continuous service is a milestone any business would envy. There As the Chair of the Supervisory Committee, I’d like to give
challenges and opportunities. Both were met with profes- are a few that have a slightly longer track record, but not many. The Greater you insight as to the role we play at Greater Minnesota
sionalism and poise by the staff, management and volunteers Minnesota Credit Union (GMCU) has been a story of success. During this Credit Union:
at GMCU. time period:
We extended credit union services throughout our service area; We serve on a voluntary basis;
Several of the financial challenges were focused in the housing, mortgage Helped young families buy their first homes and cars; We are responsible for auditing GMCU’s financial operation;
and delinquency areas. As you can imagine, these areas directly affect the Helped young men and women go to college by offering student loans and scholarships; We ensure that the internal policies and accounting procedures, established
“bottom line” at your credit union. Offered our members a safe depository for their hard earned investments and paid them by the Board of Directors, are in accordance with all state and federal regula-
a fair and competitive rate. GMCU is much more than a financial institution to its member- tions;
The Board of Directors are very pleased with how staff and management owners, it’s their financial partner. We are all in this game of life together. Laughing during We send out letters each month to GMCU’s membership regarding closed
have responded to these challenges. Procedures, policies and efficiencies the good times and helping each other during the not so good times. and newly opened accounts to ensure accuracy;
were all reviewed with a critical eye. Where it made sense and saved money,
employees were retrained to fulfill a need without rehiring. When poli- For many, 2008 and 2009 will be remembered as some of the not-so-good times. The eco- The Supervisory Committee meets monthly to assess the status of your credit
cies needed revising to allow more latitude in working with troubled-mem- nomic downturn has seriously affected many of our members. Members have dealt with job union. Depending upon our analysis, the committee may make recommenda-
bers, they were rewritten with input from the Board. When new products loss, high gasoline prices, escalating health insurance costs, increased food costs and more. tions to the Board of Directors on ways to improve financial products and/or
were researched and created a net cost savings, they were implemented. We are working diligently to keep affected members in their cars and homes. We are willing operating procedures. Another essential responsibility of the Supervisory
eStatements, for example, not only benefit members by reaching them to work with our members, if they demonstrate a willingness to work with us which many Committee is to select an independent auditor to conduct a complete audit
about six days earlier than paper statements, offer 18 months of past state- of GMCU’s members do. We are restructuring loans when and where it makes sense to of the financial procedures of the credit union.
ment storage and decrease ID Theft potential, but SAVES the credit union help our members overcome financial difficulties. Just as when the credit union was started
money in processing and postage. It is also a “green” solution, helping our in 1935, we are still serving our members. For the year 2008, McGladrey & Pullen LLC, a leading national CPA firm,
environment. performed the independent audit. We are pleased to announce their
Credit unions like GMCU are needed now more than ever; we constantly demonstrate our report on the audit was complimentary and Greater Minnesota Credit Union
2008 also brought new opportunities as we opened two new branches. sincere concern for our member-owners. This concern never changes and separates us continues to be safe and stable. GMCU has a very strong management team,
The Elk River branch opened in February. Not only have we seen signifi- from the for-profits. The credit union industry has always been a steward of good financial qualified staff, dedicated Board of Directors and is continually rated among
cant growth in new members but community groups and businesses have education and decision making. We have always been a source for reliable financial services the strongest of the area’s financial institutions.
embraced the free use of our community room. It is just another way we that are not outlandish nor exotic, but conservative and needed. Credit unions must tell
as a credit union give back to the community. In March, the Ogilvie branch their story of focusing on the needs of the membership and the needs of the communi- On behalf of the 2008 Supervisory Committee, we thank GMCU’s Board of
opened and was immediately embraced by residents. In fact, drive by our ties we serve. As member-owners you need to help us tell our story of success. Personal Directors, management team and staff for leading our member-owned finan-
branch at any time and see the number of community announcements we referrals go so much further in promoting change than all the newspaper or radio adver- cial cooperative through another successful year. We look forward to serving
post on our electronic message center. The branch has truly become a tisements combined. Help your credit union today by referring family members and friends the membership in 2009.
community resource. to us. Help us protect their financial future and add to yours. GMCU has always been a
charitable business partner within our communities. As the community grows stronger, so We also extend our appreciation and thanks to our members for your sup-
As we face the future in these uncertain times, know this... your credit do we. The same is even more true for our members. When they achieve financial success it port and continued contributions to making Greater Minnesota Credit Union,
union, Greater Minnesota Credit Union, is in your corner, as are we, its adds to GMCU’s success. Join a proud team of 22,000 members of the Greater Minnesota a place where member’s interests come first.
Board of Directors. Credit Union by telling the credit union story of success.

Sincerely, Thank you for your continued loyalty and support.

Jack Sahlstrom
Supervisory Committee Chair
Robert “Bob” Oehrlein Steve Ahlness
Chairman, Board of Directors President/CEO

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