Routing #: 226078036

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MCU in Your Community

As MCU’s Centennial Birthday Approaches, Credit Union Reflects on Accomplishments and looks to Future at the 2016 Annual Meeting

MCU Board Madam Chair Sylvia G. Ash and MCU President/CEO Kam Wong addressed over 600 members at the 2016 Annual Meeting held on May 11 at the New York Hilton Midtown Hotel in Manhattan to report another year of sustainable growth and continued advancement in anticipation of the credit union’s quickly approaching centennial birthday.

“I am pleased to report that MCU’s assets have grown to more than $2.3 billion, and we serve more than 400,000 members,” said MCU President/CEO Wong. “Our institution – which began with just 19 members and $570 in assets – has successfully and sustainably grown since our inception by utilizing our resources to serve our members in new ways, while never wavering from the original commitment MCU made to the hard working people of New York: building lifetime quality relationships with each member by offering competitive products and excellent service.”

In 2015 member-focused products and services included steps taken by the credit union to serve the evolving financial needs of its members with efforts such as the continuation of the Financially Fit series to help members better understand and navigate the basics of personal finances and the introduction of wealth management services through the MEMBERS Financial Services program, a comprehensive service offered through CUNA Brokerage Services, Inc.

MCU also placed a special emphasis on technological upgrades with the launch of Apple Pay for MCU VISA® credit or debit card and the opening of the Rego Center Branch, MCU’s first “Smart Branch,” which features interactive touch-screen displays; self-service iPad kiosks; a Video Conferencing Center and new Instant-Deposit ATMs.

“We're very proud of this new branch, as it exemplifies the first of many steps we will be taking in the near future to move into the next generation of technology-savvy in-branch features that will rival the service provided by our big bank competitors,” Board Madam Chair Ash said.

As the credit union continues to develop and offer both improved money movement services and advanced technological tools to improve the member experience, it also focused on the security and protection of member account and personal information. MCU reported that in 2015 it completed extensive cardholder data security upgrades, which will combat the increasingly savvy and frequent efforts of identity theft and fraud criminals.

“I’m proud to say that in 2015 MCU became the first credit union in New York State with assets of more than one billion dollars to achieve full Payment Card Industry, also known as PCI, compliance for its systems,” said Wong. “This means MCU now operates to the highest standard in cardholder data security, and provides members with valuable peace of mind whenever they conduct their daily transactions.”

Despite the credit union’s continued evolution from its humble beginnings MCU continues to offer the financial products and services for the changing needs of its membership, the credit union remains committed to the philosophy and purpose it was founded in on in 1916.

“On October 15, 2016, we will reach a milestone in the history of MCU – A century of service to our members,” Board Madam Chair Ash said. “For 100 years, our members have been able to count on us to be there for life’s major financial milestones, and as we look to the future, we remain devoted to serving you - our members - and your communities.”

As MCU’s Centennial Birthday Approaches, Credit Union Reflects on Accomplishments and looks to Future at the 2016 Annual Meeting

MCU Board Madam Chair Sylvia G. Ash and MCU President/CEO Kam Wong addressed over 600 members at the 2016 Annual Meeting held on May 11 at the New York Hilton Midtown Hotel in Manhattan to report another year of sustainable growth and continued advancement in anticipation of the credit union’s quickly approaching centennial birthday.

“I am pleased to report that MCU’s assets have grown to more than $2.3 billion, and we serve more than 400,000 members,” said MCU President/CEO Wong. “Our institution – which began with just 19 members and $570 in assets – has successfully and sustainably grown since our inception by utilizing our resources to serve our members in new ways, while never wavering from the original commitment MCU made to the hard working people of New York: building lifetime quality relationships with each member by offering competitive products and excellent service.”

In 2015 member-focused products and services included steps taken by the credit union to serve the evolving financial needs of its members with efforts such as the continuation of the Financially Fit series to help members better understand and navigate the basics of personal finances and the introduction of wealth management services through the MEMBERS Financial Services program, a comprehensive service offered through CUNA Brokerage Services, Inc.

MCU also placed a special emphasis on technological upgrades with the launch of Apple Pay for MCU VISA® credit or debit card and the opening of the Rego Center Branch, MCU’s first “Smart Branch,” which features interactive touch-screen displays; self-service iPad kiosks; a Video Conferencing Center and new Instant-Deposit ATMs.

“We're very proud of this new branch, as it exemplifies the first of many steps we will be taking in the near future to move into the next generation of technology-savvy in-branch features that will rival the service provided by our big bank competitors,” Board Madam Chair Ash said.

As the credit union continues to develop and offer both improved money movement services and advanced technological tools to improve the member experience, it also focused on the security and protection of member account and personal information. MCU reported that in 2015 it completed extensive cardholder data security upgrades, which will combat the increasingly savvy and frequent efforts of identity theft and fraud criminals.

“I’m proud to say that in 2015 MCU became the first credit union in New York State with assets of more than one billion dollars to achieve full Payment Card Industry, also known as PCI, compliance for its systems,” said Wong. “This means MCU now operates to the highest standard in cardholder data security, and provides members with valuable peace of mind whenever they conduct their daily transactions.”

Despite the credit union’s continued evolution from its humble beginnings MCU continues to offer the financial products and services for the changing needs of its membership, the credit union remains committed to the philosophy and purpose it was founded in on in 1916.

“On October 15, 2016, we will reach a milestone in the history of MCU – A century of service to our members,” Board Madam Chair Ash said. “For 100 years, our members have been able to count on us to be there for life’s major financial milestones, and as we look to the future, we remain devoted to serving you - our members - and your communities.”

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