St. Mary's Credit Union

considers New Ulm location

By FRITZ BUSCH

Journal Staff Writer

NEW ULM -- St. Mary's Federal Credit Union (SMFCU) of Sleepy Eye may soon be adding a branch office in New Ulm.

According to Chief Executive Officer Richard L. Nesvold, the credit union is considering building on the site on Seventh North Street that most recently housed the Doug Out Family Restaurant that burned down nearly five years ago.

The SMFCU board of directors has an option to buy the property and has directed him to do due diligence for a business plan on whether or not the site would be a profitable place to build a branch office, Nesvold sold.

A decision on whether or not the build on the site should be known within a month or so, Nesvold said.

The organization was created in 1936 when charter members decided they could do better financially by pooling their resources and lending them to each other in a not-for-profit organization.

The credit union has more than 6,800 members and more than $135 million in assets, making it the 18th largest credit union in Minnesota.

The credit union makes loans for lines of credit, mortgages and equipment.

Residents of Brown, Redwood and Renville counties can become members.

Earlier this year, SMFCU opened a branch office on the west end of Springfield.

(Fritz Busch can be e-mailed at fbusch@nujournal.com).