NEW YORK CITY--Municipal Credit Union (MCU) reported it hit new highs in 2016, its Centennial year. The credit union ended the year with more than 400,000 members and $2.48 billion in assets.
“In 1916, we opened our doors with a modest $570 in combined deposits and a mission to serve the people who serve New York City. As we finished our Centennial Year, we had nearly $2.5 billion in assets and more than 400,000 hardworking people who we are honored to call our members," MCU President/CEO Kam Wong told attendees at its annual meeting. "Most importantly, we have continued to not only compete, but thrive in the financial capital of the world while never wavering from our credit union values and fair, member-focused practices. We are proud of what we have accomplished in our first century of service. However, we are more proud of what we can do in the years to come."
Wong reported that among MCU's 2016 accomplishments was its enhanced member experience through increased accessibility and ease of use. These included MCU's new Bill Pay service, its upgrade of its online and mobile banking platforms, and the expansion of its ATM network to 21 new locations throughout the city. In addition, MCU launched its True Rewards Cash Back VISA credit card, which provides members with the opportunity to receive one percent cash back on net purchases with no annual fee or penalty rate pricing.
Some key financial highlights included MCU's loan portfolio growing to $1.61 billion, with marked growth in both its mortgage and credit card portfolios. Its outstanding mortgage balances grew by $74 million, to a total of $717.1 million, signifying MCU helped an increasing numbers of members achieve their goals of home ownership. The credit union's loan to members' fund ratio was nearly 70%, exemplifying its continued willingness to extend credit to members for homes, cars or to gain financial flexibility.
2016 also saw MCU receive many recognitions for its programs and years of service. Notably, MCU was recognized by the New York Credit Union Association with the prestigious Desjardins Adult Financial Education Award for its Financially Fit series.
MCU Board Chair James Durrah reported that MCU's success in 2016 was also due in part to the credit union’s continued commitment to its 100-year-old legacy of serving its members and their communities throughout the New York area. “In 2016, MCU celebrated our century-old tradition of serving them by giving back in the true credit union philosophy of ‘people helping people’ with many initiatives including our 100 Acts of Kindness campaign in which MCU employees donated hundreds volunteer hours with local charity organizations and supported philanthropic events and causes throughout the New York City area."
As part of the annual meeting procedures, MCU held an election for four positions on its Board of Directors. Tony Abdallah, S. Nana Osei-Bonsu, and Mark. S. Brantley, Esq. were re-elected to three-year terms in uncontested elections. Elan Nieves was elected to her first three-year term to the Board in an uncontested election and assumes the seat of Shirley Jenkins, who transitions into a Director Emeritus position. All terms are effective immediately. MCU's Board also includes: Caroll Duncanson, James Durrah, Tessa I. Hackett-Vieira, Loretta Y. Jones, Beryl Major, Mario Matos Jr., Joy S. Schwartz, Esq., and C. Richard Wagner.
Almeta Coaxum was re-elected to the Supervisory Committee in an uncontested election. Her three-year term also begins immediately. The Supervisory Committee also includes Giovanni Porcelli, Karen Lucas, Joseph Guagliardo, and Cheryl Wright.
Board Elections
Following the election announcement, Board Chair James Durrah announced the official Board officer positions for the coming year as:
James Durrah, Board Chair
Beryl Major, First Vice Chair
Loretta Jones, Second Vice Chair
C. Richard Wagner, Third Vice Chair
Caroll Duncanson, Secretary
S. Nana Osei-Bonsu, Treasurer
Tessa I. Hackett-Vieira, Assistant Secretary
Mario Matos Jr., Assistant Treasurer
Tony Abdallah, Mark S. Brantley, Elan Nieves, and Joy S. Schwartz serve as Directors. Shirley Jenkins serves as Director Emeritus.