Municipal Credit Union Reports 2009 Was Good Year: Deposits and Lending Increased, Financials Solid

NEW YORK, May 17 /PRNewswire/ -- 2009 was a good year. This is the key message delivered by Municipal Credit Union (MCU) at its annual meeting held at Bridgewaters in lower Manhattan this month. Despite the challenging economic climate, difficult job market and struggling economy, MCU ended 2009 with a solid bottom line and an optimistic forecast.

"We are strong, trusted, and growing," said MCU President and CEO Kam Wong. "We prevailed because of our continued proactive risk management policies, our fiscal conservatism and our member-centric credit union philosophy by which MCU has always been guided."  

In 2009, MCU saw total assets increase to $1.5 billion, an increase of $88 million over 2008. Member funds grew to $1.3 billion, marking the third straight year of record growth for member funds.  

MCU also had its strongest year of mortgage growth in the credit union's history. Mortgage loans in 2009 increased 33% over the previous year.  

"MCU remains strong and well capitalized," MCU Treasurer James McKeon reported to the shareholders. "At the end of 2009, our net worth ratio was 11.65%, well above the industry standard of 7% required to earn a top rating for the financial soundness of an institution."

Board of Directors Chairman Mark S. Brantley, Esq. told those in attendance that "MCU's member-centered operating philosophy, which distinguishes us from the other segments of the financial service industry, is in fact, what fuels our success as a financial institution. Because we serve people -- and not profits -- we continue to endure," Brantley said. In addition, he and others acknowledged the recent passing of Willie James, who was Chairman of the Board before his October 2009 death. "His smile, hard work and wisdom will forever be etched in our memories," Brantley added.

Municipal Credit Union (MCU) is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, today MCU has assets of over $1.6 billion and offers a full range of financial services to over 320,000 members. With branches in New York City, Westchester and Long Island, members also have access to the credit union's large and growing ATM network. Eligibility to open accounts at MCU is available to 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; certain family members, and qualifying retirees. MCU is an equal opportunity lender and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org.

SOURCE Municipal Credit Union