2009 ANNUAL MEETING

MCU celebrated the theme of “MCU Strong, Like the Members We Serve” at its 2009 Annual Meeting held at Bridgewaters/The Museum Club on May 5, 2009.

Addressing an audience of approximately 800 MCU members, President and Chief Executive Officer Kam Wong assessed the strengths of MCU as we continue to navigate the worst economic crisis since the Great Depression. Following a brief overview of the causes and effects of the credit crisis, Mr. Wong spoke about how MCU’s responsible lending practices, conservative investment policies and level of transparency have made MCU a safe harbor for members during this financial storm. During 2008, MCU experienced one of the largest deposit growth years in its 90-plus years of history. Total assets increased to $1.38 billion and the goal of reaching $1.5 billion in total assets by 2010 is within reach.

“We’ve steered clear of risky activities, such as sub-prime lending or investments, and concentrated on what’s best for you, our members. As a result, we remain strong and able to thrive during these difficult times,” President Wong concluded.

Acting Chairman Willie James highlighted a number of new products and programs introduced in 2008, and a rich array of financial tools and learning guides that have been extremely beneficial to members. The opening of a new full-service branch in Oceanside, Long Island at the beginning of the year increased member access in that area. Equally well received was the East Meadow MCU Express facility. Acting Chairman James went on to acknowledge the addition of eleven ATMs to MCU’s network of cash machines. In closing, he cited major improvements in MCU’s virtual branch, MCU Online Banking which makes our site more accessible, versatile and convenient to members.

C. Richard Wagner, Assistant Treasurer on behalf of James McKeon, Treasurer, reported excellent financial news for 2008. This is particularly impressive given the fact that it was achieved in the midst of the year’s economic turmoil. In 2008, total assets rose to nearly $1.4 billion, an increase of $76 million over 2007, setting a record for assets. Member funds increased to $1.19 billion, another new record. While all of MCU savings showed increased deposits, insured money market accounts were far and away the strongest segment of our savings portfolio. Unlike so many financial institutions, MCU has no problem with liquidity. In 2008, total loans grew by $33 million, and at year-end, our portfolio was $1.1 billion in loans outstanding. Echoing President Wong’s words, Assistant Treasurer, C. Richard Wagner reiterated that MCU is extremely well capitalized and in excellent financial condition.

Giovanni Porcelli, Chairman, Supervisory Committee, assured members that they can expect a successful report for 2009 due to the continued vigilance of his committee. “Our oversight confirms that your investments are secure, and that our business practices meet the highest standards of professionalism,” he concluded.

The meeting concluded with a Q&A session with President/CEO Kam Wong. Overall, members left with the assurance that MCU is Strong and will continue to work in the interest of their membership. A feeling of optimism and pride about their future with MCU was felt by the members.