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MUNICIPAL CREDIT UNION SAW SUBSTANTIAL GROWTH IN 2017; ASSETS GREW TO $2.68 BILLION - Credit Union's Membership Grew to 425,000 -

NEW YORK CITY – Municipal Credit Union (MCU) hit new highs in both assets and membership in 2017. The credit union ended the year with more than 425,000 members and $2.68 billion in assets.

“MCU grew to $2.68 billion in assets and are now helping more than 425,000 New Yorkers attain their financial goals," MCU Board Chair James Durrah told attendees at its annual meeting held today in Manhattan. "These achievements would not be possible without our members’ long-standing support for our organization and mission. It is our promise to our members that as we continue to thrive, we will not forget that MCU is part of a growing movement to improve our communities and bring prosperity to everyday people."

Durrah also informed the membership that Norman Kohn has been named Acting President/CEO of MCU, as President/CEO Kam Wong is on leave. Kohn, who has more than 40 years’ experience at MCU and was most recently MCU's Executive Vice President/Chief Credit Officer, presented the CEO report to members.

“MCU accomplished a lot in 2017 and proudly we helped our members achieve personal financial milestones. MCU helped 275 members realize their goal of becoming a homeowner, put 7,317 members behind the wheel of a vehicle, and provided 28,094 personal loans to help our members take on their financial goals,” said Kohn. “As our products and services continue to make a difference for our members, we look to the future of the MCU member experience, offering new and convenient opportunities for members to manage their money at their convenience.”

Some key financial highlights, which were reported to the membership by Board Treasurer S. Nana Osei-Bonsu, included MCU's loan portfolio growing to $1.77 billion, with $86 million in growth of the mortgage portfolio, to a record $803.5 million. The credit union's loan to members' fund ratio was 71.2%, exemplifying its continued willingness to extend credit to members for homes, cars or to gain financial flexibility. MCU’s net worth ratio for 2017 was 8.05%, well above the NCUA’s requirement of 7.0% to be considered well capitalized.

2017 also saw continued enhancement of the MCU brand as “New York City’s Credit Union” through strategic partnerships. Notably, MCU became the Official Credit Union of the New York Jets. “This partnership aligns us with a premium brand that embodies the spirit of our city and serves to help us in both spreading awareness for our mission and exploring opportunities that serve many of our member groups, such as presenting sponsorship of the Jets First Responders Night and the Jets Tackle Bullying initiative, working with STOMP Out Bullying and New York City schools to change the culture of bullying amongst our youth” said Kohn.

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 $2.6 billion and offers a full range of financial services to its more than 425,000 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 a wide range of groups including 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; all students enrolled at St. John’s University; 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 SAW SUBSTANTIAL GROWTH IN 2017; ASSETS GREW TO $2.68 BILLION - Credit Union's Membership Grew to 425,000 -

NEW YORK CITY – Municipal Credit Union (MCU) hit new highs in both assets and membership in 2017. The credit union ended the year with more than 425,000 members and $2.68 billion in assets.

“MCU grew to $2.68 billion in assets and are now helping more than 425,000 New Yorkers attain their financial goals," MCU Board Chair James Durrah told attendees at its annual meeting held today in Manhattan. "These achievements would not be possible without our members’ long-standing support for our organization and mission. It is our promise to our members that as we continue to thrive, we will not forget that MCU is part of a growing movement to improve our communities and bring prosperity to everyday people."

Durrah also informed the membership that Norman Kohn has been named Acting President/CEO of MCU, as President/CEO Kam Wong is on leave. Kohn, who has more than 40 years’ experience at MCU and was most recently MCU's Executive Vice President/Chief Credit Officer, presented the CEO report to members.

“MCU accomplished a lot in 2017 and proudly we helped our members achieve personal financial milestones. MCU helped 275 members realize their goal of becoming a homeowner, put 7,317 members behind the wheel of a vehicle, and provided 28,094 personal loans to help our members take on their financial goals,” said Kohn. “As our products and services continue to make a difference for our members, we look to the future of the MCU member experience, offering new and convenient opportunities for members to manage their money at their convenience.”

Some key financial highlights, which were reported to the membership by Board Treasurer S. Nana Osei-Bonsu, included MCU's loan portfolio growing to $1.77 billion, with $86 million in growth of the mortgage portfolio, to a record $803.5 million. The credit union's loan to members' fund ratio was 71.2%, exemplifying its continued willingness to extend credit to members for homes, cars or to gain financial flexibility. MCU’s net worth ratio for 2017 was 8.05%, well above the NCUA’s requirement of 7.0% to be considered well capitalized.

2017 also saw continued enhancement of the MCU brand as “New York City’s Credit Union” through strategic partnerships. Notably, MCU became the Official Credit Union of the New York Jets. “This partnership aligns us with a premium brand that embodies the spirit of our city and serves to help us in both spreading awareness for our mission and exploring opportunities that serve many of our member groups, such as presenting sponsorship of the Jets First Responders Night and the Jets Tackle Bullying initiative, working with STOMP Out Bullying and New York City schools to change the culture of bullying amongst our youth” said Kohn.

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 $2.6 billion and offers a full range of financial services to its more than 425,000 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 a wide range of groups including 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; all students enrolled at St. John’s University; 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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Routing Transit Number: 226078036

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