Municipal Credit Union reports 2013 was strong year; assets neared $2 billion
NEW YORK CITY, NY (May 8, 2014) — 2013 was a solid year for Municipal Credit Union (MCU), and 2014 looks to be equally as strong. This was the news shared by MCU at its annual meeting held at the Hilton Hotel in Manhattan yesterday.
MCU reported it closed 2013 just shy of $2 billion in total assets, at $1.95 billion in assets, and with a record $1.78 billion in member funds. The credit union pushed past $2 billion in assets soon after the beginning of the year.
“Our solid, steady, continual growth demonstrates our strength as a financial institution and equally as important is our ability to continue to serve our members and the communities where they live,” said MCU Chairman of the Board Mark S. Brantley, Esq. “Once again, MCU saw record numbers in membership and deposits as members rewarded our loyalty to them by coming to MCU first to achieve their financial goals and dreams.”
MCU President/CEO Kam Wong told attendees that “MCU ended 2013 well positioned to continue to grow stronger regardless of the future economic landscape. We finished the year well capitalized, with a net worth ratio of 9.3%, which is much higher than the industry standard of 7% that is required to earn a top rating for institutional soundness.” Mr. Wong noted that MCU continued to actively lend to members during the year, as evidenced by its $1.28 billion loan portfolio.
“This strong financial position allowed us to serve members beyond simply offering competitive financial services. We introduced a pilot credit counseling program aimed at educating member groups on various credit and personal financial topics, such as credit re-building, budgeting and identity theft. We also continued our efforts to make MCU more accessible 24/7 to members through our improvements to our mobile banking services,” Wong continued.
Both Brantley and Wong reported that while MCU’s primary focus is on helping members with their financial needs, the credit union never loses sight of its responsibility to give back to the communities it serves and where its members live and work. For MCU, this meant another strong year of philanthropy and corporate goodwill. In 2013, MCU continued its sponsorship of causes ranging from St. John’s Civil Service Appreciation Day, ensuring families had a bountiful Thanksgiving meal by donating turkeys to food banks and an effort organized by The Katie Couric Show, and honoring “Hometown Heroes” in education and transit. Also in the education arena, MCU partnered with the United Federation of Teachers to host the 2nd annual Youth Empowerment Day and teamed with the Frederick Douglass Academy and Make the Grade Foundation to build one of the first student-run Internet radio stations.
MCU also advocated for the rights of its members and credit union members throughout the country through its support of the “Don’t Tax My Credit Union” initiative. MCU board members and representatives brought that message to Albany, Washington, D.C., and all around New York City.
Also at the annual meeting, it was announced that Mark S. Brantley Esq., Hon. Sylvia G. Ash, S. Nana Osei-Bonsu, and Shirley Jenkins were re-elected to the board and immediately began serving another three-year term. Following the election announcement, Brantley announced the official Board officer positions for the coming year as:
Mark S. Brantley, Esq. Chair
Hon. Sylvia G. Ash, 1st Vice Chair
C. Richard Wagner, 2nd Vice Chair
Caroll Duncanson, 3rd Vice Chair
S. Nana Osei-Bonsu, Treasurer
Shirley Jenkins, Secretary
James Durrah, Asst. Treasurer
Mario Matos Jr., Asst. Secretary
MCU’s board also includes: Tessa I. Hackett-Vieira, Loretta Y. Jones, Beryl Major, and Joy S. Schwartz as Directors, and Thomas Diana as Director Emeritus. In addition, Almeta Coaxum was re-elected to the Supervisory Committee where Committee Chair Giovanni Porcelli, Karen Lucas, Joseph Guagliardo, and Cheryl Wright also continue to serve.
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 billion and offers a full range of financial services to over 350,000 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.