Med5 Federal Credit Union in Rapid City, S.D., received the Credit Union Association of the Dakotas’ 2018 Growth and Progress Award during the league’s Annual CUAD Summit Awards Banquet.
According to the Dakotas league, one credit union per year in North or South Dakota wins the award for exceeding the state’s average in the categories of assets, shares, loans outstanding and membership increase. Year-over-year stats are compared and the winning credit union must demonstrate positive gains in all four categories.
For the 2018 award, $65 million-asset Med5 saw a 19.13 percent increase in assets, a 8.29 percent lift in shares, a 13.2 percent loan boost and a 3.84 percent increase in membership.
Med5 had a 2017 net income of just over $503,000, down slightly from about $545,000 in 2016. The credit union finished 2017 with nearly $58 million in loans and leases on the books, concentrated primarily in real estate and used car lending. It holds an 8.78 percent net worth ratio, making it “well capitalized” by NCUA standards.