Centricity Credit Union has expanded its field of membership by adding two new counties in Minnesota.
The $149 million-asset institution said on Wednesday that Lake and Pine counties in Minnesota now join St. Louis and Carlton Counties in Minnesota and Douglas County in Wisconsin to form Centricity’s regions for eligible membership.
According to the U.S. Census Bureau, Lake County had a population of about 10,500 as of 2017, while Pine County had a population of roughly 29,200 that year.
Centricity noted that it originally filed for this expansion last year and that it received approval for it in early 2019.
“Expanding the field of membership will allow us to increase the geographic and economic diversity, providing Centricity and its members more stability during economic downturns,” Doug Ralston, the credit union’s president and CEO, said in statement.
Based in Hermantown, Minn., Centricity posted net income of about $1.4 million in 2018, a 60 percent increase over the prior year. Its membership dropped by about 1 percent, to roughly 16,500, over that same period, according to data from the National Credit Union Administration.
Centricity's FOM expansion comes on the heels of a similar move by
