Municipal Credit Union turns 100 years old!
NEW YORK, NY (October 14, 2016) — Municipal Credit Union is turning 100! The credit union is celebrating its Centennial on October 15th and is the oldest credit union in New York State and one of the oldest and largest in the country.
MCU was founded in 1916 by then New York City Mayor John Purroy Mitchel to offer city employees a way to save at reasonable rates and to borrow money at rates lower than the year’s prevailing 36% or do business with loan sharks. Originally called the Credit Union of Employees Conference Committee, MCU opened with one branch in the city’s Municipal Building, 19 members, and combined deposits of $570.
During the past century, which included a name change to Municipal Credit Union in August 1919, MCU has continually and steadily grown in assets and members. Today, its assets top $2.4 billion. It has expanded from one branch to 20+ branches around the region, an expansive ATM network and mobile and online banking. MCU currently employs more than 700 people in the greater New York City area.
Always serving the municipal workers of New York City, MCU has grown its membership and eligible membership groups to today serving more than 400,000 members. MCU members include 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, all students enrolled in a college, university, school, or institution in the City University of New York (CUNY) education system, and family members of MCU members.
“We’re proud and humbled to be celebrating such an important milestone,” said MCU President/CEO Kam Wong. “We want to thank all our members over the years who have put their faith and trust in us and let us help them with their financial needs and achieve their financial goals. I personally want to thank our staff and members of our volunteer Board and Supervisory Committee who have ensured MCU can serve our members. They are all the reason MCU is celebrating our Centennial and in a strong financial position.”
Throughout its 100-year history, MCU has honored the credit union philosophy of “people helping people,” always supporting and giving back to its member and the communities where it operates and where its members live and work. For example, during the Great Depression, MCU employees donated a percentage of their monthly salary to a special fund to help unemployed civil servants. After World War II, MCU did not charge delinquent interest on loans to members serving in the armed forces. In recent years, MCU created a Members Assistance Program for members affected by Hurricane Sandy and offered a Federal Assistance Program for members affected by the federal government shutdown.
Today, some of MCU’s key community programs include its annual scholarship program, which awards $66,000 in scholarships annually to college-bound high school seniors, its award-winning Financially Fit series, Home Buying Seminars, the Build A Better School Program, a public sector/private sector partnership to help NYC schools, and its Youth Baseball/Softball Clinic series, now it its third year, at MCU Park in Coney Island.
“Our first century was great, and we know our second century will be even better,” added Wong. “We are excited about our future.”
About Municipal Credit Union
Municipal Credit Union 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 more than $3.0 billion and offers a full range of financial services to its more than 550,000 members. 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.