MCU Ends Year in Black Despite Sandy Soaking
Even Hurricane Sandy couldn’t stop New York City’s Municipal Credit Union from closing 2012 with a record year.
MCU recently reported at its annual meeting that it ended 2012 with $1.79 billion in total assets and 340,000 members.
"MCU ended 2012 well positioned to continue to grow stronger regardless of the future economic landscape,” said Kam Wong, MCU president/CEO. “We finished 2012 well capitalized, with a net worth ratio of 9.97%, which is much higher than the industry standard of 7% that is required to earn a top rating for institutional soundness."
Wong pointed out that MCU continued to actively lend to members during the year, as evidenced by its $1.2 billion loan portfolio.
Hurricane Sandy presented many challenges to the credit union, its members and communities. The credit union itself was beset with member criticism and negative publicity, primarily about long delays in direct deposit postings.
In response to the storm, MCU offered a special member assistance program which included emergency loans, deferred payment options on mortgages and auto loans, and credit line increases. The credit union also provided assistance to the community as a whole through its financial support of the Mayor's Fund.
Mike Mattone, MCU's assistant vice president of public relations and corporate communications, said that membership and deposits rose mostly because the credit union is part of the community, where the large banks scattered throughout the city can’t extend the personal service that MCU offers.
“I think more and more people are aware of credit unions now,” Mattone said. “New York City is a big place and people appreciate what we do, which is treating them like family. They in turn recommend us to their friends and family and because of that our numbers continue to grow.”
Wong reported that MCU made strides in becoming more accessible where its members live and work. In 2012, MCU opened its Springfield Gardens branch in Queens and expanded its ATM network in local area supermarkets, boosting the MCU-owned and operated ATM network to more than 200 locations.
“Not only are we pleased with our numbers, but we’re positive that we will continue to grow,” Mattone said. “As Mr. Wong said, we will continue to prosper, regardless of the overall economic landscape.”