Press
Municipal Credit Union announces asset and membership growth making it largest credit union in terms of membership in NY State
Credit Union Also Announces Board Election Results
NEW YORK, NY (May 6, 2015) — Municipal Credit Union (MCU) reported record growth in 2014. MCU announced its total assets exceeded $2.1 billion, an increase of $141.7 million over the previous year. MCU’s membership also grew substantially in 2014 to a record 375,000 members. With this growth, MCU is now the largest credit union in terms of membership in New York State.
“I’m proud to say 2014 was another great year of progress and growth for MCU and that we achieved many key milestones this past year, most notably becoming New York State’s largest credit union in terms of membership,” MCU President/CEO Kam Wong told attendees at the credit union’s recently held annual meeting. “We’ve certainly come a long way since our humble beginnings with a single branch in the Municipal Building many years ago. We are proud of this growth and of the trust our members have placed in MCU to provide them with the best rates and safe and secure financial products to fit their needs.”
Wong reported that during the past year MCU admitted CUNY students into its field of membership. To better meet the need of this new SEG group, MCU launched a comprehensive college student banking program, called MCU2, which combined benefits, such as banking with no minimum balance fees for up to five years and a special MCU2 Debit Card, with special Financially Fit educational seminars to help educate college students on their unique financial situation and how to plan for the future.
Other key financial highlights included MCU’s loan portfolio growing to $1.3 billion, with notable growth in the mortgage and credit card portfolios, and outstanding mortgage balances growing by $33.4 million, to a total of $620 million, signifying that increasing numbers of members are achieving their goals of home ownership. The credit union’s loan to members’ fund ratio topped 68%, exemplifying its continued willingness to extend credit to members.
At the same time, MCU continued its sound practices of ensuring its members had sound financial option. “One of the most important roles MCU consistently plays in the lives of our members has been to extend credit in the form of low-cost lending solutions for their financial needs,” said MCU Chairman of the Board Mark S. Brantley, Esq. “When members need a helping hand towards building a better financial future, MCU is there to help them.” Brantley cited the recently launched STEP Line of Credit program, an initiative recognized by the Clinton Global Initiative as an economic commitment to action to break the harmful cycle of payday lending, as an example of how MCU is offering creative programs to help people who have not easily been able to get loans from financial institutions at a fair rate. As part of the STEP Line of Credit Program, members must take part in the credit union’s Financially Fit program of complimentary credit counseling services and financial literacy education, helping ensuring that the STEP loan is the first step to members’ future financial security.
“By remaining true to the credit union credo of ‘people helping people,’ MCU continued its march towards a bright and prosperous future, and our 2014 growth in assets, members, and program demonstrates that our message and programs are resonating with our members and member groups,” Brantley added.
Also at the annual meeting, it was announced that Caroll Duncanson, James Durrah, Loretta Y. Jones, and Richard Wagner were re-elected to the board and immediately began serving another three-year term. Additionally, Joseph Guagliardo and Cheryl Wright were re-elected to the Supervisory Committee and immediately began serving another three-year term.
Municipal Credit Union (MCU) is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, today MCU has assets of over $2.1 billion and offers a full range of financial services to over 375,000 members. With branches in New York City, Westchester and Long Island, members also have access to the credit union’s large and growing ATM network. Eligibility to open accounts at MCU is available to New York City and Yonkers municipal employees; state and federal employees who work in the five boroughs; health care professionals who work in New York State; members of select industry groups; employees of private colleges in New York City and private and public colleges in Nassau, Suffolk, and Westchester; certain family members, and qualifying retirees. MCU is an equal opportunity lender and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org.