Credit union buys

lots in

New Ulm

St. Mary's Federal Credit Union plans branch office

By FRITZ BUSCH

Journal Staff Writer

NEW ULM -- St. Mary's Federal Credit Union of Sleepy Eye could be up and running in New Ulm in approximately one year.

On Dec. 20, the firm purchased lots 10, 11 and 12 and 10 feet of lot 13 in Block 33 north of Center Street for $117,000 from Scott Trebelhorn and Ken Fischer.

The property formerly housed the Country Kitchen and Doug Out Family Restaurant at 706 N. German. The building burned down about six years ago.

Dick Nesvold, SMCU Chief Executive Officer, said the credit union is looking at branch office building site designs and floor plans and is optimistic about opening for business in New Ulm.

"We feel the site will be a workable location," Nesvold said. "We got some good feedback from people about the move and look forward to it. We have good opportunities there with a good membership base in New Ulm. We look forward to continued growth."

Construction could start by the middle of next year. The New Ulm branch office could be operational in a year or so.

Last May, SMCU opened a 4,000-square foot branch office on the west edge of Springfield. It moved from downtown Sleepy Eye to a new 4,500-square foot office on the east end of town in 1998.

The credit union 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 unique, not-for-profit organization.

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

St. Mary's Federal Credit Union makes loans for lines of credit, mortgages and equipment. Residents of Brown, Redwood and Watonwan counties can become members.

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