December 31, 2008 December 31, 2007
$119,571,027.01 $1,254,547.96 $28,992,265.84 $7,085,723.16 $3,027,226.19 $159,930,790.16

Net Loans Outstanding Cash and Cash Equivalents Investments Fixed Assets All Other Assets Total Assets $119,022,822.57 $1,556,015.42 $29,726,054.94 $8,178,250.42 $3,060,531.28 $161,543,674.63

Robert “Bob” Oehrlein, Chairman Jason Horrigan,Vice Chair Russell Mills, Secretary Steven Ahlness, Treasurer Dennis Schulz, Director Darla Stenstrom, Director Carl Anderson, Director John Sandy, Director



Jack Sahlstrom, Chair Carol Allman Terry Dalbey

Mora Branch 112 South Lake Street • Mora, MN 55051 320.679.3863 Milaca Branch 400 3rd Avenue Southwest • Milaca, MN 56353 320.983.2511 Isle Branch 390 Isle Street West • Isle, MN 56342 320.676.3607 Elk River Branch 17035 Yale Court Northwest • Elk River, MN 55330 763.441.3842 Pine City Branch 900 Main Street South • Pine City, MN 55063 320.629.1178 Ogilvie Branch 200 West Highway 23 • Ogilvie, MN 56358

A Family Tradition

Accounts Payable/ other Liabilities Certificate Interest Payable Total Liabilities $694,318.01 $3,116.19 $697,434.20 $532,375.75 $6,113.98 $538,489.73

Members Equity
Shares Statutory Reserve Undivided Earnings Total Equity Total Liabilities and Reserves $144,570,169.84 $4,157,523.44 $12,118,547.15 $160,846,240.43 $161,543,674.63 $142,341,783.65 $4,157,523.44 $12,892,993.34 $159,392,300.43 $159,930,790.16

Inside Pictures of Chairman of the Board, President and Supervisory Committee Chair copyright Studio One Portraits, Inc. Cover Picture, Warren Lewis family at Co-operators Credit Union in Mora, MN circa 1959.
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Chairman of the Board’s Report
This past year, Greater Minnesota Credit Union faced many challenges and opportunities. Both were met with professionalism and poise by the staff, management and volunteers at GMCU. Several of the financial challenges were focused in the housing, mortgage and delinquency areas. As you can imagine, these areas directly affect the “bottom line” at your credit union. The Board of Directors are very pleased with how staff and management have responded to these challenges. Procedures, policies and efficiencies were all reviewed with a critical eye. Where it made sense and saved money, employees were retrained to fulfill a need without rehiring. When policies needed revising to allow more latitude in working with troubled-members, they were rewritten with input from the Board. When new products were researched and created a net cost savings, they were implemented. eStatements, for example, not only benefit members by reaching them about six days earlier than paper statements, offer 18 months of past statement storage and decrease ID Theft potential, but SAVES the credit union money in processing and postage. It is also a “green” solution, helping our environment. 2008 also brought new opportunities as we opened two new branches. The Elk River branch opened in February. Not only have we seen significant growth in new members but community groups and businesses have embraced the free use of our community room. It is just another way we as a credit union give back to the community. In March, the Ogilvie branch opened and was immediately embraced by residents. In fact, drive by our branch at any time and see the number of community announcements we post on our electronic message center. The branch has truly become a community resource. As we face the future in these uncertain times, know this... your credit union, Greater Minnesota Credit Union, is in your corner, as are we, its Board of Directors. Sincerely,

President’s Report
74 years of continuous service is a milestone any business would envy. There are a few that have a slightly longer track record, but not many. The Greater Minnesota Credit Union (GMCU) has been a story of success. During this time period: We extended credit union services throughout our service area; Helped young families buy their first homes and cars; Helped young men and women go to college by offering student loans and scholarships; Offered our members a safe depository for their hard earned investments and paid them a fair and competitive rate. GMCU is much more than a financial institution to its memberowners, it’s their financial partner. We are all in this game of life together. Laughing during the good times and helping each other during the not so good times. For many, 2008 and 2009 will be remembered as some of the not-so-good times. The economic downturn has seriously affected many of our members. Members have dealt with job loss, high gasoline prices, escalating health insurance costs, increased food costs and more. We are working diligently to keep affected members in their cars and homes. We are willing to work with our members, if they demonstrate a willingness to work with us which many of GMCU’s members do. We are restructuring loans when and where it makes sense to help our members overcome financial difficulties. Just as when the credit union was started in 1935, we are still serving our members. Credit unions like GMCU are needed now more than ever; we constantly demonstrate our sincere concern for our member-owners. This concern never changes and separates us from the for-profits. The credit union industry has always been a steward of good financial education and decision making. We have always been a source for reliable financial services that are not outlandish nor exotic, but conservative and needed. Credit unions must tell their story of focusing on the needs of the membership and the needs of the communities we serve. As member-owners you need to help us tell our story of success. Personal referrals go so much further in promoting change than all the newspaper or radio advertisements combined. Help your credit union today by referring family members and friends to us. Help us protect their financial future and add to yours. GMCU has always been a charitable business partner within our communities. As the community grows stronger, so do we. The same is even more true for our members. When they achieve financial success it adds to GMCU’s success. Join a proud team of 22,000 members of the Greater Minnesota Credit Union by telling the credit union story of success. Thank you for your continued loyalty and support.

Supervisory Committee Chair’s
As the Chair of the Supervisory Committee, I’d like to give you insight as to the role we play at Greater Minnesota Credit Union: We serve on a voluntary basis; We are responsible for auditing GMCU’s financial operation; We ensure that the internal policies and accounting procedures, established by the Board of Directors, are in accordance with all state and federal regulations; We send out letters each month to GMCU’s membership regarding closed and newly opened accounts to ensure accuracy; The Supervisory Committee meets monthly to assess the status of your credit union. Depending upon our analysis, the committee may make recommendations to the Board of Directors on ways to improve financial products and/or operating procedures. Another essential responsibility of the Supervisory Committee is to select an independent auditor to conduct a complete audit of the financial procedures of the credit union. For the year 2008, McGladrey & Pullen LLC, a leading national CPA firm, performed the independent audit. We are pleased to announce their report on the audit was complimentary and Greater Minnesota Credit Union continues to be safe and stable. GMCU has a very strong management team, qualified staff, dedicated Board of Directors and is continually rated among the strongest of the area’s financial institutions. On behalf of the 2008 Supervisory Committee, we thank GMCU’s Board of Directors, management team and staff for leading our member-owned financial cooperative through another successful year. We look forward to serving the membership in 2009. We also extend our appreciation and thanks to our members for your support and continued contributions to making Greater Minnesota Credit Union, a place where member’s interests come first.

Robert “Bob” Oehrlein Chairman, Board of Directors

Steve Ahlness President/CEO

Jack Sahlstrom Supervisory Committee Chair

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