ELY AREA CREDIT UNION - Babbitt, MN

Welcome to Ely Area, your trusted partner in financial well-being located at 24 Commerce Rd, Babbitt, MN 55706. Since our establishment in 1938, we have proudly served our community, growing to a membership of 4,629 individuals who count on us for their banking needs. With total assets reaching an impressive $69,699,623, we are committed to providing reliable financial services tailored to the unique needs of our members. At Ely Area, we understand that managing your finances is about more than just numbers; it's about building relationships and supporting each other. Our dedicated team of 10 employees, led by CEO Mark Krekelberg and Board President Stephen Peterson, works diligently to ensure that you receive personalized service every time you visit. Whether you need assistance with personal banking, auto loans, or even business financing options, we are here to help. While members can visit us at our Babbitt branch for all their banking needs, official correspondence should be sent to the same address: 24 Commerce Rd, Babbitt, MN 55706. We offer a range of services including checking and savings accounts, mortgage loans, and credit cards with rewards all designed to empower you financially. With total deposits amounting to $11,297,773 and a net worth of $9,581,964, you can trust that your money is safe with us. Our commitment goes beyond just safeguarding your funds; we aim to enrich your financial journey through competitive loan options (totaling 1,842) and flexible account services. We invite you to explore what Ely Area has to offer. Whether you're looking for a new way to save or need guidance on loans and investments, we're here for you! Feel free to reach out at (218) 827-3121 during our lobby hours from Monday to Friday between 8:30 AM and 4:30 PM. Join us today and experience the warmth and reliability of your local credit union!

Welcome to the Ely Area family! Joining our community at Ely Area is simple and rewarding. We believe in inclusivity, and we're here to support you every step of the way. To become a member, you just need to meet a few friendly criteria. Generally, anyone who lives, works, or attends school in our service area is eligible to join us. This means that if you're part of our vibrant local community, we want you to be a part of our credit union too! You can find detailed eligibility information by visiting this link. Getting started with your membership is easy! Just reach out to us at (218) 827-3121, and we'll guide you through the account opening process. For more information on how to open an account, check out our website. At Ely Area, we're excited to offer personalized services that truly make a difference in your financial journey. Come see us at 24 Commerce Rd Babbitt Mn 55706; we can't wait to welcome you!

At Ely Area, financial security is not just a goal it's a promise. Our members count on us for stability, and we take that responsibility seriously. We are proud to share that our financial strength reflects our commitment to you, ensuring we can provide the reliable services you need today and into the future. Performance insights and financial data are sourced from the National Credit Union Administration (NCUA) at: https://www.ncua.gov , based on the latest results. With a net worth of $9,581,964, we maintain strong financial health, allowing us to offer better rates, lower fees, and enhanced member services. Our net worth ratio of $1,375 demonstrates a solid capital foundation, ensuring that we can continue providing loans, competitive savings rates, and uninterrupted services even in uncertain economic times. Members' savings are secured through $0 in share certificates and $0 in money market shares, offering stable and rewarding financial growth opportunities. Unlike traditional banks, we prioritize our members. With non-member deposits at $0, we ensure that our resources are focused on benefiting you through better loan rates, lower fees, and exclusive perks. With $6,316,726 in undivided earnings, we reinvest in innovative banking tools, stronger lending options, and enhanced security measures to serve our members better. Our lending capacity is robust; with $373 in used auto loans and $25,419,016 in total loans and leases, we support members' financial goals across various sectors. Our operational efficiency is reflected in our $920,128, enabling us to continue offering competitive loan rates and solid financial products for our members. We also take pride in having 9 full-time employees and 1 part-time employees, ensuring our branches are always ready to serve you with a knowledgeable, committed team. Net Shares (Funds available for lending and investments): $15,178,176 reflect how well we manage your money while building a secure future together. Total Share Accounts: 9,431, shows a strong and growing member base that trusts us with their finances. Our financial strength means we can continue serving you with confidence. Whether you're saving, borrowing, or planning for the future, Ely Area is your trusted partner. Visit us at 24 Commerce Rd Babbitt Mn 55706 or call (218) 827-3121 to learn more about how we can help you achieve your financial goals.