Municipal Credit Union Reports Record Growth in Fiscal Year 2012
Credit Union Reports to Shareholders at Annual Meeting; Holds Election for New Board Members
NEW YORK, NY (May 15, 2013) 2012 was a record year for Municipal Credit Union (MCU), and 2013 looks to be equally as strong. This was the news shared by MCU at its annual meeting held at the Hilton Hotel in Manhattan.
MCU reported it closed 2012 with $1.79 billion in total assets and 340,000 members. MCU Chair of the Board Mark S. Brantley Esq. said that MCU’s philosophy of “people helping people” helped the credit union realize this record growth. “We saw record numbers in memberships and deposits. In 2012, members rewarded our loyalty to them by coming to MCU first to achieve their financial goals and aspirations,” Brantley told attendees.
MCU President/CEO Kam Wong followed, saying “MCU ended 2012 well positioned to continue to grow stronger regardless of the future economic landscape. We finished 2012 well capitalized, with a net worth ratio of 9.97%, which is much higher than the industry standard of 7% that is required to earn a top rating for institutional soundness.” Mr. Wong pointed out that MCU continued to actively lend to members during the year, as evidenced by its $1.2 billion loan portfolio.
MCU noted that Hurricane Sandy presented many challenges for its members and communities. In response, MCU offered a special member assistance program which included emergency loans, deferred payment options on mortgages and auto loans, and credit line increases. The credit union also provided assistance to the community as a whole through its financial support of the Mayor’s Fund.
Both Brantley and Wong reported that MCU made great strides in becoming more accessible where its members live and work. In 2012, MCU opened its Springfield Gardens branch in Queens and greatly expanded its ATM network in local area supermarkets, boosting the MCU-owned and operated ATM network to more than 200 locations. MCU also continued its corporate mission of giving back to the communities it serves. In addition to its support of the Mayor’s Fund and its continued sponsorship of the Circle of Sisters Expo, Harlem Week and several Civil Service Appreciation Day events, MCU initiated a new partnership with St. John’s University and its Advantage Academy which helps individuals break the cycle of poverty through education, counseling and social support services. MCU also forged new relationships in the healthcare arena, entering a partnership with St. Mary’s Children’s Hospital, as well as continuing its support of several area hospitals and healthcare charities.
As part of the annual meeting procedures, MCU held an election for four positions on its Board of Directors. Mario Matos Jr. and Joy S. Schwartz were re-elected and Beryl Major and Tessa I. Hackett-Vieira were elected to the Board of Directors. All will serve a three-year term effective immediately.
In addition, Giovanni Porcelli and Karen Lucas were re-elected to the Supervisory Committee in an uncontested election. Their three-year terms also begin immediately.
Upon certification of the election results, MCU Chair Brantley announced the official Board officer positions for the coming year as:
Mark S. Brantley, Chair
Sylvia G. Ash, 1st Vice Chair
C. Richard Wagner, 2nd Vice Chair
Carroll Duncanson, 3rd Vice Chair
S. Nana Osei-Bonsu, Treasurer
Shirley Jenkins, Secretary
James Durrah, Asst. Treasurer
Joy S. Schwartz, Asst. Secretary
In addition to the Board officers listed above, MCU’s Board of Directors also includes Tessa I. Hackett-Vieira, Loretta Y. Jones, Beryl Major, and Mario Matos Jr. as Directors. Thomas Diana was appointed a Director Emeritus.
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 $1.8 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.