Routing #: 226078036

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MUNICIPAL CREDIT UNION ENDS REPORTS 2015 WAS STRONG YEAR; ASSETS TOPPED $2.3 BILLION

- Credit Union Also Names Board Directors and Officers For Upcoming Year -

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."

“We are thrilled to have the opportunity to work with MCU for the Youth Baseball/Softball Clinics. As an organization, we pride ourselves on being active members within our community while also helping to grow the game of baseball with young people throughout the city. This program helps accomplish both of those goals, while also providing kids with the once-in-a-lifetime opportunity to play on the same field that many current major leaguers, including Michael Conforto and Juan Lagares, once played on,” said Steve Cohen, Cyclones Vice President.

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. "

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

Mark S. Brantley, Tessa I. Hackett-Vieira, Beryl Major, and Joy S. Schwartz serve as Directors.

2016 is Municipal Credit Union's Centennial Celebration year. Called the Credit Union of Employees Conference Committee when it first opened its doors on October 15, 1916 in Manhattan's Municipal Building, MCU has been growing strong ever since. Today, MCU serves more than 400,000 members. MCU is celebrating its 100th anniversary all during 2016 through various programs to give back to the communities it serves.

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 more than $2.4 billion and offers a full range of financial services to its more than 400,000 members. With branches in New York City, Westchester and Long Island, its 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; all students enrolled in a college, university, school, or institution in the City University of New York (CUNY) education system; 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.


MUNICIPAL CREDIT UNION ENDS REPORTS 2015 WAS STRONG YEAR; ASSETS TOPPED $2.3 BILLION

- Credit Union Also Names Board Directors and Officers For Upcoming Year -

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."

“We are thrilled to have the opportunity to work with MCU for the Youth Baseball/Softball Clinics. As an organization, we pride ourselves on being active members within our community while also helping to grow the game of baseball with young people throughout the city. This program helps accomplish both of those goals, while also providing kids with the once-in-a-lifetime opportunity to play on the same field that many current major leaguers, including Michael Conforto and Juan Lagares, once played on,” said Steve Cohen, Cyclones Vice President.

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. "

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

Mark S. Brantley, Tessa I. Hackett-Vieira, Beryl Major, and Joy S. Schwartz serve as Directors.

2016 is Municipal Credit Union's Centennial Celebration year. Called the Credit Union of Employees Conference Committee when it first opened its doors on October 15, 1916 in Manhattan's Municipal Building, MCU has been growing strong ever since. Today, MCU serves more than 400,000 members. MCU is celebrating its 100th anniversary all during 2016 through various programs to give back to the communities it serves.

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 more than $2.4 billion and offers a full range of financial services to its more than 400,000 members. With branches in New York City, Westchester and Long Island, its 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; all students enrolled in a college, university, school, or institution in the City University of New York (CUNY) education system; 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.


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