2025 ANNUAL REPORT Your Story. Our Passion.
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95 Years of mpact. I
With 95 years serving Central Minnesota and valued members who live or work in Stearns, Benton, Sherburne, Wright, Meeker, Kandiyohi and Morrison counties, St. Cloud Financial Credit Union’s core values support the mission to leverage our not-for-profit financial cooperative to make a meaningful difference in the lives of people and of our communities. We are proud to serve members in Central Minnesota with five branches in St. Cloud, Sartell, Sauk Rapids, Becker and Albertville. At SCFCU, we are your neighbors, and neighbors take care of each other. You can count on our team who will connect with you on a personal level and who strive to make an impact in your life.
$129,500+
$24,400+
Donated to non-profits by SCFCU and our members
Donated by SCFCU to the surrounding communities in 2025 5,600+ Volunteer and community service hours by SCFCU employees
$332,100+
Amount donated by SCFCU to our local communities 2023-2025
OUR VISION AND MISSION
VISION
To Make A Meaningful Difference Through Human Connection.
MISSION
To make a meaningful difference for all, we advocate for people through a member- focused culture, an enthusiastic employee environment, and purposeful action within our community.
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BOARD OF DIRECTORS REPORT
1st Vice Chair Board Chair Randy Schreifels Sony Lubrecht
2nd Vice Chair Sarah Maier Becky Eisenwinter
Rick Wurst
Andrew Johannes
Ken Erickson
Board Associate Bryan Rubin
Dear Members,
On behalf of the Board of Directors, we are pleased to share this year’s report and reflect on a year of thoughtful oversight, disciplined growth, and long-term stewardship at St. Cloud Financial Credit Union. As a member-owned cooperative, the Board’s responsibility is to ensure your credit union remains safe, sound, and well-positioned to serve members today and into the future. In 2025, that responsibility required careful discernment — balancing opportunity with prudence, innovation with risk management, and growth with the values that define our cooperative.
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People, Culture, and Leadership Strong governance also means investing in people. In 2025, the Board prioritized oversight of leadership development, talent strategy, and organizational culture — recognizing that engaged, prepared employees are essential to delivering exceptional member experiences. We also affirmed the importance of community leadership as a core responsibility of the credit union, supporting initiatives that strengthen financial education, inclusion, and community connection. Innovation with Appropriate Risk Oversight As SCFCU continued to lead nationally in areas such as digital assets and shared infrastructure through Credit Union Service Organization partnerships, the Board maintained active oversight of risk governance, compliance readiness, and regulatory engagement. Our role was to ensure innovation advanced responsibly, protecting member trust and the cooperative model.
Governance Through a Year of Intentional Growth Throughout 2025, the Board worked closely with executive leadership to provide oversight across several areas of strategic importance:
Disciplined Growth & Financial Resilience
The Board closely monitored balance sheet positioning, capital strength, and earnings sustainability to ensure growth decisions supported long-term resilience rather than short-term expansion. This included oversight of diversification strategies and emerging business lines designed to strengthen the credit union through changing economic conditions.
Membership & Market Expansion
The Board supported strategies to expand access and relevance across key member segments, including youth, multicultural communities, and small businesses. These efforts were evaluated through the lens of mission alignment, operational readiness, and long-term member value.
Looking Forward As we look ahead, the Board will:
Provide strong, independent oversight Support disciplined, mission-aligned growth Ensure innovation is pursued responsibly Protect the long-term interests of our members We are confident that St. Cloud Financial Credit Union is well-governed, well-led, and well-prepared for the future. Thank you for your trust in your credit union.
Operational Readiness & Scalability
Recognizing that growth must be supported by strong systems and processes, the Board oversaw investments in operational efficiency, technology modernization, and workflow improvements to ensure the organization can scale without sacrificing service quality or employee well-being.
Randy Schreifels Board Chair
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SUPERVISORY COMMITTEE REPORT
Throughout the year, the volunteer Supervisory Committee is responsible to make sure the credit union’s financial records are in proper financial condition. Meeting on a monthly basis, the committee oversees that internal controls are in place to protect the assets of the credit union and its members. From the Supervisory Committee’s perspective, St. Cloud Financial Credit Union remained in compliance with good financial practices and regulatory requirements. We are grateful for the opportunity to serve the cooperative! Charles Foster Committee Chair
Committee Chair Charles Foster
Gary Gillitzer
Kevin Kouba
James Holweger
“We strive to make every member feel valued and empowered.”
Victor Barnes
Justin Burnard CTO and Supervisory Committee Liaison
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Provide oversight of credit union operations and the safety of members’ funds. Supervisory Committee Primary Duties and Responsibilities:
Select and hire an independent CPA firm to perform the Annual Financial Statement Audit.
Review all results of internal and external audits, federal and state examinations, and confirm that necessary changes have been implemented.
Prepare a monthly minutes report on Supervisory Committee activities to the credit union Board of Directors.
Have a member of the Supervisory Committee attend the monthly Board of Directors meeting.
Prepare required State of Minnesota semi-annual supervisory committee reports.
Members of the Board of Directors, Supervisory Committee and SCFCU Executive team at the St. Cloud Rox Military Appreciation Night sponsored by SCFCU
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SCFCU EXECUTIVE TEAM
CXO Meggan Schwirtz
President/CEO Jed Meyer
EVP/CLO Chase Larson
CTO Justin Burnard
CSO LeAnn Case
CFO Franco Cusipag
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SCFCU’s executive team participating in the Minnesota Credit Union Network’s annual meeting to learn and advocate for the credit union.
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PRESIDENT/CEO REPORT Serving Members. Strengthening Community. Leading with Purpose. At St. Cloud Financial Credit Union, everything we do starts with people — our members, our employees, and the
Jed Meyer
President/CEO
We had the most successful year as a credit union in 2025! When I arrived as CEO in 2014, we had 14,763 members with $109 million in assets. At the end of 2025, we had over 28,000 members with $420 million in assets. Through expanded digital banking and Live Teller Machines, members gained increased access, extended service hours, and convenient support—without losing the personal relationships that define our credit union. Strengthening Our Community In 2025, we deepened our commitment to inclusion, education, and community connection. We continued expanding multicultural banking initiatives, including services for under-represented and under-served communities, ensuring access to fair, responsible financial services. We partnered with local schools to deliver financial education that reached thousands of students. We supported and participated in community events, sponsorships and local initiatives — including over 5,600 employee volunteer and community service hours and more than $129,500 donated to our communities.
communities we serve. As a member-owned, perpetual organization, our responsibility is to ensure this credit union remains strong, relevant, and rooted in service — not just this year, but for generations to come. In 2025, we focused on three core commitments: delivering value to our members, showing up for our communities, and investing in the people who make this work possible — while continuing to lead nationally in innovation that protects We served more than 28,000 members, welcoming nearly 2,500 new members. achieve financial confidence and security while making sure they are never forced to choose between innovation and trust. member ownership and trust. Serving Our Members Throughout the year, we helped our members Member deposits totaled approximately $383 million. We provided $340 million in loans to members — supporting homeownership, education, transportation, and small business growth.
Leading Nationally, Staying Local While our roots remain firmly local, SCFCU continues to play a leadership role nationally and has received numerous recognitions as a leader nationwide. on human interaction, gives back to our communities and puts members first. Investing in Our Employees In 2025, we continued investing in our employees by: Providing leadership development and training opportunities. Enhancing internal systems and processes to support efficiency, clarity and collaboration. Fostering a culture rooted in care, accountability and purpose Our employees and their dedication is the reason members choose SCFCU. Through the TriUnity Foundation, a national foundation started by SCFCU, we granted $180,000 to 45 individuals and families across five states, helping members facing terminal illness focus on care and connection rather than financial strain. Community impact is not a separate effort, it is central to who we are. And as we continue to grow, we won’t lose focus on who we are a local credit union that focuses Through our partnership and leadership in DaLand CUSO, we are helping credit unions across the country responsibly navigate digital assets and emerging financial infrastructure. Our aim is to ensure innovation remains cooperative and member-owned. We completed development and rollout of the CU-Digital Asset Vault™, a first-of- its-kind, credit union-led solution designed to keep emerging forms of value within trusted institutions.
Through the TriUnity Foundation, we are demonstrating how credit unions can collaborate nationally to deliver direct, life-changing impact to members while keeping people at the center of everything we do. Looking Ahead As we move into 2026, our focus is to strengthen SCFCU for the long term while staying grounded in member needs and community impact. Diversifying how we serve members and sustain the credit union. Continuing to expand balanced business lines — such as business services, investments, kids accounts, multicultural services, cannabis-related services and digital assets — while ensuring access to fair, responsible financial products. Improving efficiency while protecting the member experience. Continue to modernize systems, workflows, and digital tools to reduce friction, increase speed, and allow our employees to spend more time serving members. Investing in people and community leadership. Leadership development, workforce readiness, and community engagement will remain central to how we grow. Ensuring SCFCU is a place
where employees thrive and communities benefit is vital.
These priorities reflect deliberate choices about where we will invest our time and resources so we can serve members boldly today and steward this cooperative responsibly into the future.
Jed Meyer President/CEO
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TREASURER’S REPORT A Year of Growth and Financial Strength
CFO/Treasurer Franco Cusipag
I am proud to announce that your credit union had a strong financial performance in 2025. We delivered strong asset growth finishing the year at $430M, up 15% from prior year. Our Net Income added $4.9M to our Net Worth, improving our standing as a well-capitalized financial institution with Net Worth Ratio of 7.57%. We remain committed to making a meaningful difference. Through our member- focused culture, our passionate and caring employees, and our purposeful involvement in our communities, we continue to show up for our members in ways that other financial institutions do not. Our consistent presence and action have fostered a highly engaged membership, enabling us to fuel our growth and expand our member relationships and reach. Total membership has grown to more than 28,000, with total deposits growing to almost $383 million — an increase of $38 million or 11% from prior year. As a cooperative financial institution, our objective is not short-term profit maximization, but sustainable member value creation. Because of it, we make our decisions based on what is in the best interest of our membership and the organization in the long term. We view current profitability as an opportunity to invest in endeavors that ensure our relevance and our ability to provide value to our members in perpetuity. In 2025, among other things, we continued to invest in the growth of our leaders and our employees. After all, as we continue to grow and turn the corner to approach economies of scale, it is our employees that have to drive us there. With the right people in the right seats, we are well positioned for continued success. The foundation is strong, our mission and vision are clear, and we continue to work towards a bright future!
Franco Cusipag Chief Financial Officer
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www.triunityfoundation.org
Empowering Hope, Healing and Strength while eliminating the financial strain for those facing a life-threatening illness
$166,000 raised during the first TriUnity Foundation Gala in 2025
$180,000 in funds granted to members facing terminal illness in 2025
45 members and families impacted across five states
“The grant from the TriUnity Foundation could not have come at a better time. I am facing numerous financial difficulties. This grant will make this year so much easier for me and my family. I will no longer have to worry about finances this year and I can focus on fighting this cancer battle. I cannot thank the TriUnity Foundation enough! You are angels in my world!” - 2025 Grant recipient
Ella Mae 2024 Grant Recipient
founded by SCFCU in collaboration with community partners
Honoring those who make a meaningful difference within our community!
Do you know someone doing great things in the community? Nominations are opening soon!
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United We Make a
Difference.
Each year, the SCFCU team dedicates a day to serving local organizations through hands- on volunteer projects—living out our mission of purposeful action within our community. On Monday, October 13, 2025, we closed our branches and our team proudly volunteered with five incredible organizations: Tri-County Humane Society (St. Cloud), Place of Hope (St. Cloud), Salvation Army (St. Cloud), Chapel Thrift (Little Falls), and Angel Reins (St. Augusta).
We’re grateful for the opportunity to support the organizations that make such a meaningful difference in the lives of others throughout our community.
“I have to say that I am blown away by your generosity. You had the most wonderful fun crew and it was so greatly appreciated how much work you got done. With me being on the road so much this summer, I obviously had so much work to catch up on and you really eased that burden. ” Joah’s Ark, 2024 Organization -
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Our Community. Impact. Our
2025 PROGRESS REPORT
Membership by Year
28,066
2025
25,574
2024
24,807
2023
24,398
2022
23,256
2021
22,352 22,914
2020
2019
19,502
2018
0
5000 ,
10000 ,
15000 ,
20000 ,
25000 ,
30000 ,
Assets by Year (In Millions)
200 300 400 500
$
430
$
375
$
327 347
290
248
$
180 202
2018 2019 2020 2021 2022 2023 2024 2025 0 100 $
$
*These are the financials as of March 31, 2026.
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Net Worth to Assets by Year
Net Worth Assets
8.88%
9.10%
7.92%
2018
2019
2020
7.53%
7.43%
7.65%
7.31%
7.30%
2021
2022
2023
2024
2025
Loans and Deposits by Year (In Millions)
Loans
Deposits
400
$
300
$
200
$
100
$
0
$
2018
2019
2020
2021
2022
2023
2024
2025
*These are the financials as of March 31, 2026.
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BALANCE SHEET
Assets
2025
2024
Change
$319,628,318
$19,290,145
Loans, net
$338,918,463
$39,081,808
$32,351,152
Cash & Investments
$71,432,960
$8,811,009
$27,898
Property & Equipment
$8,838,907
$7,058,039
$3,705,944
Other Assets
$10,763,983
$374,579,174
$55,375,140
Total Assets
$429,954,314
Liabilities & Members’ Equity 2025
2024
Change
$345,026,996
$37,953,003
Member Shares
$382,979,999
$1,500,000
$8,500,000
Borrowed Funds
$10,000,000
$3,003,264
$2,167,467
Other Liabilities
$5,170,731
$349,530,260
$48,620,470
$398,150,730
Total Liabilities
Members’ Equity
$25,048,914 $6,754,670
$31,803,584
Total Liabilities & Equity
$429,954,314 $374,579,174 $55,375,140
*These are the financials as of March 31, 2026.
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INCOME STATEMENT
Net Interest Income
2025
2024
Change
$16,309,394 $754,888 ($6,041,277) ($523,758)
$2,484,166 $744,469 ($728,978) $190,680
Loans Investments Member Dividends Interest on Borrowed Money
$18,793,560 $1,499,357 ($6,770,255) ($333,078)
($900,787)
($288,083)
Provision for Loan Losses
($1,188,870)
$9,598,460
$2,402,254
Net Interest Income
$12,000,714
2025
2024
Change
Non-Interest Income
$177,827
Service Fees
$2,089,846 $1,912,019
$3,170,163
Loan Sale & Other Income
$5,608,410 $2,438,247
Non-Interest Income
$7,698,256 $4,350,266 $3,347,990
2025
2024
Change
Non-Interest Expense
($5,968,009)
($370,434)
Staff Compensation & Benefits
($6,338,443)
($2,064,511)
($398,835)
Occupancy & Office Operations
($2,463,346)
($3,663,415)
($488,149)
Professional Services
($4,151,564)
($1,170,312)
($675,333)
Other
($1,845,645)
($12,866,247)
($1,932,751)
Total Non-Interest Expense
($14,798,998)
Net Income
$4,899,973 $1,082,479 ($3,096,233)
*These are the financials as of March 31, 2026.
www.SCFCU.org WEBSITE
Facebook.com/StCloudFCU
Instagram.com/stcloudfcu/
Linkedin.com/company/ st-cloud-financial-credit-union Youtube.com/@StcloudfcuCoop X.com/@stcloudfcu
320-252-2634 PHONE
ST. CLOUD 3030 1st Street South St. Cloud, MN 56301
www.triunityfoundation.org
SARTELL 1716 Pine Cone Road South Sartell, MN 56377
BECKER 14627 Bank Street Becker, MN 55308
SAUK RAPIDS 205 2nd Street North Sauk Rapids, MN 56379 ALBERTVILLE 5600 La Centre Avenue, Suite 100 Albertville, MN 55301
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