Municipal Credit Union’s leaders told members at its annual meeting this week that the New York City credit union had a particularly strong year in 2011.
“We saw record numbers of membership, deposits and continued interest in our affordable loan products,” said board Chairman Mark Brantley.
MCU opened 40,360 new member accounts, reaching 343,000 in membership, and added $116 million in assets in 2011, growing that to $1.66 billion, the credit union said.
“MCU continued to grow stronger financially, despite national economic instability, by putting the needs of our members first,” Kam Wong, MCU President/CEO, said at the gathering at Bridgewaters in Lower Manhattan. “With member deposits also at an all-time high, it is apparent that our members trusted MCU to keep their finances safe and secure.”
Other highlights in 2011 were the opening of the Harlem Express Branch and the launch of a mobile banking app, with plans for second branch in Queens this year and a full-service branch in Springfield Gardens. Community activities included sponsoring NYC Shred Fest and the 2011 World Police and Fire Games.
The credit union, founded in 1916 and the oldest in the state, also noted the passing in 2011 of two 30-year board members, Malachy Higgins and former treasurer James McKeon. Brantley said both will be missed.
President/CEO Kam Wong said member service kept growth strong despite an uncertain economy.