Municipal Credit Union Opens FOM to St. John’s Students
Municipal Credit Union has expanded its membership field to include more than 20,000 students at St. John’s University in New York.
MCU ($2.5 billion in assets, 411,052 members) made the announcement Feb. 11 along with officials from the university and its student government.
“The addition of St. John's students to our field of membership is part of our continued extension to serve public and private colleges throughout the five boroughs,” MCU Board Chair James Durrah said.
“We encourage all St. John's students to look at MCU as a low-cost financial alternative to banks and other lending institutions,” Durrah said. “We are confident that MCU can help them grow into financially responsible and successful young adults and future leaders of our communities.”
The N.Y. Department of Financial Services approved the charter expansion and amended MCU's charter immediately after reviewing MCU’s request, which included letters of support from the 147-year-old Catholic university’s administration and student government.
The expansion allows MCU to nowserve everyone at St. John’s campuses in New York. The credit union was already the official credit union of St. John’s University faculty, staff and SJU Athletics. St. John’s has three New York City campuses – in Queens, Manhattan and Staten Island – along with its Long Island academic center.
This is the second student group added by the 101-year-old credit union. Students of the City University of New York (CUNY) were added as an MCU field of membership in 2014. Students can remain members after leaving the university.
In addition to the two student groups, MCU membership is available 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.