(Left to Right) MCU Chair of the Board Mark S. Brantley, Esq., New York City Comptroller John C. Liu, and MCU President/CEO Kam Wong at MCU's 2011 Annual Meeting

MCU members congregate in banquet hall at Bridgewater's in lower Manhattan prior to the MCU 2011 Annual Meeting

A year full of challenges in the financial services industry brought positive change to Municipal Credit Union in 2010. This message was a key theme presented by MCU at its Annual Meeting, held at Bridgewaters in lower Manhattan on Tuesday, May 3rd, 2011. Despite the challenging economic climate, difficult job market and struggling economy, MCU ended 2010 with a solid bottom line and an optimistic forecast.

The meeting began with a guest speaker, New York City Comptroller John C. Liu. Comptroller Liu commended MCU on providing an invaluable service to its membership and the City of New York as a whole. Comptroller Liu also spoke to members about his plans to help New York City thrive through difficult economic conditions, a message well received by the over 1,200 members in attendance.

Board of Directors Chair Mark S. Brantley, Esq. highlighted MCU's "adherence to the credit union philosophy of 'people helping people'" as a crucial part of the Credit Union's success in 2010. According to Mr. Brantley "our mission as a credit union, building lifetime relationships through a member-centric and service based approach, has continued to separate us from other institutions that have struggled to find success in this difficult economic climate."

MCU Treasurer James McKeon reported on another solid fiscal year to shareholders. According to Mr. McKeon, "Again MCU finished 2010 well capitalized with a strong net worth ratio of 11.17%, much higher than the industry standard of 7% required to earn a top rating for institutional financial soundness."

After a year of consistent growth despite an unstable economy, MCU President and CEO Kam Wong stated that "We have grown stronger at a time when other financial institutions have struggled and shifted the financial burden to consumers." Mr. Wong also elaborated on the Credit Union officially becoming an inclearing instutition, allowing MCU to become a self-sufficient financial institution.

Total assets increased $76 million in 2010, reaching a total of $1.5 billion. Member funds increased $76 million as well, reaching a record total of $1.4 billion. Products that saw marked gains in 2010 included MCU VISA Credit Cards, which finished the year with $127.1 million, an $8.8 million increase from the previous year.

The 2011 Annual Meeting displayed not only the great year MCU had, but the bright future of the Credit Union as well. MCU would like to thank all of its members who attended this year's meeting, as well as each and every MCU member, for making MCU a strong, trusted, and growing institution now and in the future.