NEW YORK CITY - Following its mantra of strong, trusted, and growing, Municipal Credit Union (MCU) reported 2015 was a year of strong growth and increasing member confidence. The credit union ended the year hitting new highs, with $2.3 billion in assets and serving more than 400,000 members.
"I'm pleased to say that MCU, which began with just 19 members and $570 in assets when we opened our doors almost a century ago, ended 2015 with record numbers - more than $2.3 billion in assets and almost 400,000 members," MCU President/CEO Kam Wong reported at the credit union's annual meeting at the Hilton Hotel in Manhattan yesterday. "In reaching these historic highs, which we have since topped in the first quarter of 2016, MCU also saw strong growth in both our member share accounts and our loan portfolio. I am proud to report that MCU is prepared for continued sustainable growth well into the future."
In 2015, MCU became the first credit union in New York State with assets of more than $1 billion to achieve full Payment Card Industry (PCI) compliance for its systems. "This recognizes that MCU now operates to the highest standard in cardholder data security and provides our members with valuable peace of mind wherever they conduct their daily transactions," Wong said. He noted that this high standard was one reason MCU received the VISA DPS Client Achievement Award for highest growth in debt portfolios. "It reinforces that members are comfortable and feel secure making debit transactions with MCU, and they did so in record numbers in 2015," he added.
Other key highlights of 2015 included the opening of MCU's first Smart Branch in Rego Park, which features interactive touch-screen displays; self-service iPad kiosks; a video conferencing center, and Instant-Deposit ATM, as well as the integration of financial tools, such as Apple Pay.
MCU Board Chair Sylvia G. Ash reported that MCU's success in 2015 was due in part to MCU's dedication to serving its members and its continued commitment to the credit union philosophy of people helping people. "This past year, in addition to continuing our popular Financially Fit series that helps members better understand and navigate the basics of personal finances, MCU's introduction of the MEMBERS Financial Services Program that provides members with a range of investment, retirement and insurance products meant that MCU could truly help members throughout all the phases of their lives," said Ash. "As we implemented and sustained services for our members, our commitment to communities where our members work and live remained unwavering. In addition to the many community programs MCU runs, our employees donated hundreds of hours of their time by volunteering throughout the New York community."
Board Elections Held
As part of the annual meeting procedures, MCU held an election for four positions on its Board of Directors. Tessa I. Hackett-Vieira, Beryl Major, Mario Matos Jr., and Joy S. Schwartz Esq. were re-elected to three-year terms in uncontested elections. Their new terms are effective immediately. MCU's Board also includes: Sylvia G. Ash, Mark S. Brantley Esq., Caroll Duncanson, James Durrah, Shirley Jenkins, Loretta Y. Jones, S. Nana Osei-Bonsu, and Richard Wagner.
Additionally, Giovanni Porcelli and Karen Lucas were re-elected to the Supervisory Committee in uncontested elections. Their three-year terms also begin immediately. The Supervisory Committee also includes Almeta Coaxum, Joseph Guagliardo and Cheryl Wright.
Following the election announcement, Board Chair Sylvia G. Ash announced the official Board officer positions for the coming year as:
Sylvia G. Ash, Board Chair
James Durrah, First Vice Chair
Richard Wagner, Second Vice Chair
Loretta Jones, Third Vice Chair
Caroll Duncanson, Secretary
S. Nana Osei-Bonsu, Treasurer
Shirley Jenkins, Assistant Secretary
Mario Matos Jr., Assistant Treasurer