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Trouble continues in New York City for MCU. Trouble continues in New York City for MCU. (Source: Shutterstock)

The beleaguered $3 billion Municipal Credit Union in New York City posted a net income loss of $82.7 million at the end of last year’s fourth quarter while its average employee salary and benefit costs have continued to be extraordinarily high at $310,481 compared to a peer average of $83,322, according to NCUA financial performance reports.

What’s more, a landlord that leases office space for one of the six branches that MCU plans to close on Friday filed a lawsuit against the credit union, claiming it failed to meet conditions to nullify the lease agreement. Court records showed the NCUA did not notify the landlord that it was pulling out of the lease agreement until Dec. 27, 2019, after determining the lease was “burdensome,” and that canceling the lease would “promote the orderly administration of the credit union’s affairs.”

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Peter Strozniak


Credit Union Times

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