MCU Reports Continued Financial Growth and Member Support in

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MCU Reports Continued Financial Growth
and Member Support in 2013
MCU Board Secretary Shirley Jenkins addresses the crowd at the 2014 Annual Meeting.
MCU Chairman of the Board of Directors Mark S. Brantley, Esq. and President/CEO Kam Wong
addressed members at the annual meeting on May 7, 2014 at the Hilton Hotel in Manhattan,
announcing 2013 as another year of continued financial growth with total assets amounting to
more than $1.95 billion and increased member deposits.
“Working cohesively,
I am fully confident
that the MCU team will
continue to effectively
serve our members and
city as a whole.”
“These surefire indicators of our strength
as a financial institution, coupled with
our member-focused practices, allow
us to offer our members access to
credit and loan products while larger
financial institutions remain reluctant
to extend access to these services,”
Wong said, as the treasurer’s report
showed that MCU has amassed a
$1.28 billion loan portfolio and a loan
versus member funds ratio of 71.64%.
In addition to a generous loan portfolio,
MCU spent 2013 by providing new
financial tools and services to help
improve the MCU member experience.
MCU Director Emeritus Thomas Diana accepts a special
award from Chair of the Board Mark S. Brantley, Esq.,
for his 35 years of dedicated volunteer service to MCU.
This includes the introduction of the
pilot credit counseling program, which
educates member groups on various
credit and personal finance topics,
as well as improvements to MCU’s
mobile banking services.
MCU’s Board of Directors and President/CEO pose for a photo at the 2014 Annual Meeting. (Top Row, From L to R) S. Nana Osei-Bonsu, Treasurer; James Durrah, Assistant
Treasurer; Loretta Y. Jones, Director; Hon. Sylvia G. Ash, 1st Vice Chair; Mario Matos, Jr., Assistant Secretary; Thomas E. Diana, Director Emeritus; (Bottom Row, From L to R)
Beryl Major, Director; Tessa I Hackett-Vieira, Director; Shirley Jenkins, Secretary; Kam Wong, President/CEO; Mark S. Brantley, Esq., Chair of the Board; Joy S. Schwartz,
Director; Caroll Duncanson, 3rd Vice Chair; C. Richard Wagner, 2nd Vice Chair.
(Conitnued from Page 1)
Keeping in the credit union tradition
of “people helping people,” Municipal
Credit Union also reported its continuation and explanation of its
philanthropic efforts throughout the
New York City area. “MCU never loses
sight of our responsibility to give back
to the communities we serve,” Brantley
said, going on to discuss MCU’s
sponsorship of the St. John’s Civil
Service Appreciation Day, honoring
“Hometown Heroes” in education and
transit and advocating for the rights
of credit union members across the
country through supporting the
“Don’t Tax My Credit Union” initiative.
Both Brantley and Wong also reported
significant efforts made by MCU to
engage in youth initiatives, including
a partnership with the United Federation of Teachers to host the second
annual Youth Empowerment Day, and
partnering with the Frederick Douglass
Academy and Make the Grade Foundation to build the first ever student
run online radio station. Municipal
Credit Union also supported the
young people within our communities
by donating more than $82,500 dollars
in scholarships.
“MCU never loses sight
of our responsibility
to give back to the
communities we serve.”
The success of 2013, both financially
and through community outreach
efforts, has set the stage of many
more thriving years for MCU. “Working
cohesively, I am fully confident that
the MCU team will continue to effectively serve our members and city as
a whole,” Brantley said to members,
as he looked to 2014.
MCU Chair of the Board Mark S. Brantley, Esq. gives the Chairman’s Message at the 2014 Annual Meeting.
MCU ANNOUNCES WINNERS OF 2014 SCHOLARSHIPS
MCU is proud to announce the winners of the 2014 MCU Scholarship Program. A total of $66,000 in scholarships
were awarded to graduating high school seniors. Eight winners were recipients of $5,000 Memorial Scholarships,
and 13 winners received $2,000 scholarships. Congratulations to all of this year’s scholarship recipients, and best
of luck in all of your future endeavors!
Michael Cintron – James McKeon Memorial Scholarship Winner
Noah Gonzalez – Julian I. Garfield Memorial Scholarship Winner
James Mattone – Willie James Memorial Scholarship Winner
Daniel Murro – Anna Mae Massy Memorial Scholarship Winner
Breinne O’Donoghue – Malachy T. Higgins Memorial Scholarship Winner
Bhavik Parikh – Charles Faulding Memorial Scholarship Winner
Michael Cintron of Piscataway, NJ (center) received the 2014 James McKeon
Jolene Sysak – Louise DeBow Memorial Scholarship Winner
Memorial Scholarship at the MCU scholarship reception on June 5, 2014.
Kimberly Way – Mayor John Mitchell Memorial Scholarship Winner
Cintron, who graduated from St. Joseph High School in Metuchen, NJ, will go
Deena Albert
on to attend Rutgers University this fall. Cintron is one of eight MCU Memorial
Zaklyyud-Din Ammen
Scholarship winners this year.
Alyssa Barroso
Simone Cazoe
Alyssa Curcio
Patrick Curran
Kaitlyn Doherty
Michael Gallo
Isabel Kam
Wajiha Kazmi
Christopher McCormick
(From Left to Right) MCU Memorial Scholarship Winners James Mattone, Kimberly Way, Jolene Sysak, Breinne O’Donoghue,
Mudassir Mumtaz
Michael Cintron, Noah Gonzalez and Bhavik Parikh stand together during the 2014 MCU Scholarship reception on June 5,
Elizabeth O’Toole
2014. Each of the winners will receive $5,000 toward their higher education.
MCU Announces Board Election Results,
Appoints Officers for Upcoming Year
During the 2014 Annual Meeting, held on Wednesday, May 7th at the Hilton Hotel in Manhattan, MCU held an
election for four positions on its Board of Directors. Mark S. Brantley, Esq., Hon. Sylvia G. Ash, S. Nana Osei-Bonsu,
and Shirley Jenkins were re-elected to the Board and immediately began serving another three-year term. Following
the election announcement, Brantley announced the official Board officer positions for the coming year as:
Mark S. Brantley, Esq. Chair
Hon. Sylvia G. Ash, 1st Vice Chair
C. Richard Wagner, 2nd Vice Chair
Caroll Duncanson, 3rd Vice Chair
S. Nana Osei-Bonsu, Treasurer
Shirley Jenkins, Secretary
James Durrah, Asst. Treasurer
Mario Matos, Jr., Asst. Secretary
MCU’s Board also includes Tessa I. Hackett-Vieira, Loretta Y. Jones, Beryl Major, and Joy S. Schwartz as
Directors, and Thomas Diana as Director Emeritus.
In addition, Almeta Coaxum was re-elected to the Supervisory Committee, where Committee Chair Giovanni
Porcelli, Secretary Karen Lucas, and members Joseph Guagliardo and Cheryl Wright also continue to serve.
MCU brings The Family Security Plan® to our members in an effort to help build a foundation for a secure
future. The Family Security Plan® delivers a diverse array of insurance products designed to meet your
specific need.
•Whole Life Insurance provides members with immediate, additional coverage that will not end with
retirement or increase in cost. You can select a death benefit with a cash value component to help meet
your financial goals.
•Disability Income Insurance helps replace your income in the form of a monthly benefit when you are
out of work for an extended time due to an injury or illness.
•Critical Illness Insurance triggers a lump sum cash benefit sent directly to a policyholder who has been
diagnosed with a covered critical illness.
For a personal consultation to begin building a customized Family Security Plan®, visit a dedicated Representative in your local MCU Branch or call 800-257-5030 to speak with a Representative. We look forward to
learning more about you, the valued members of MCU.
Board of Directors
Mark S. Brantley, Esq. Chair
Hon. Sylvia G. Ash, 1st Vice Chair
C. Richard Wagner, 2nd Vice Chair
Caroll Duncanson, 3rd Vice Chair
S. Nana Osei-Bonsu, Treasurer
Shirley Jenkins, Secretary
James Durrah, Asst. Treasurer
Mario Matos, Jr., Asst. Secretary
Tessa I. Hackett-Vieira, Director
Loretta Y. Jones, Director
Beryl Major, Director
Joy S. Schwartz, Director
Thomas E. Diana, Director Emeritus
Supervisory Committee
Giovanni Porcelli, Chairman
Karen Lucas, Secretary
Almeta Coaxum, Member
Joseph Guagliardo, Member
Cheryl Wright, Member
Executive Management
Kam Wong, President/CEO
Thomas Siciliano, General Counsel
Ana Puello, EVP/Chief Financial Officer
Richard Casamassa, SVP/Member Service Operations
Norman Kohn, SVP/Chief Credit Officer
Carole A. Porter, SVP/Chief Retail
Banking Operations Officer
Kim Thompson, SVP/Chief Human
Resources and Labor Relations Officer
Senior Management
Anie Akpe, VP/Real Property
William Birnbach, VP/Member
Service Operations
Ahmed Campbell, VP/Loan Operations
Corey Fernandes, VP/Business Development and Member Relations
Urmilla Jorawar, Chief Internal Auditor
Steven Kibitel, VP/Marketing
Amy Kong, VP/Risk Management
Linda Lambert, VP/Finance
John Parrinello, VP/Collections/
Loss Prevention
Agnes Payadue, VP/Retail Banking
Operations/Contact Center
Janet Perkins, VP/Technology
Michael Rosano, VP/Security & Fraud
PERSONAL LOAN RATES
Loan Type
Amount Financed
Term
Unsecured Loan
Unsecured Loan
Unsecured Loan
$1,000–$15,000
$15,001–$50,000
$15,001–$50,000
Auto-Pay Monthly Payment Per
APR*
$1,000 Borrowed
Up to 60 Months
Up to 60 Months
72-84 Months
7.90%
8.90%
9.50%
$20.25
$20.73
$20.90
AUTO LOAN RATES
Loan Type
Maximum Amount Financed
Term
Auto-Pay Monthly Payment Per
APR*
$1,000 Borrowed
New Cars
2014–2013
2014–2013
2014–2013
125%
125%
125%
Up to 60 Months
61-66 Months
67-72 Months
1.95%
2.25%
2.25%
$17.51
$16.13
$14.87
Pre-Owned Cars
2012
2012
2012
125%
125%
125%
Up to 60 Months
61-66 Months
67-72 Months
2.25%
$17.64
2.55%$16.26
2.55% $15.00
Rates may be higher based on applicant’s credit worthiness. Rates and terms are subject to change without notice. Certain restrictions may apply.
MCU only finances vehicles purchased from a car dealer: We do not offer financing for private sales, individual sales or lease buyouts.
*Auto-Pay: When direct deposit or automatic payroll deduction is utilized as the method of loan repayment. Annual percentage rates for auto loans
will increase by 1/2 % after consummation if automatic payroll deduction or direct deposit is cancelled. Annual percentage rates on unsecured
loans will increase by 2% after consummation if automatic payroll deduction or direct deposit is cancelled. Late payment fee: $25.00.
APR = Annual Percentage Rate.
Outside the Five Boroughs/
Long Island
(800) 323-6713
Application Express:
(800) LOAN-MCU
LOAN BY FAX:
(212) 238-2699
MCU AUTONET:
888-4MCU-AUTO
VISA Information:
(800) 481-7338
Mortgage and Home Equity
Information: (212) 238-3521
Deposit Account Information:
(212)-693-4900
New Member Line:
(866) JOIN-MCU
VISIT OUR WEBSITE:
www.nymcu.org
Municipal Credit Union is an equal housing lender.
NOTICE FROM THE SUPERVISORY COMMITTEE
The Supervisory Committee has established a
procedure; whereby, members can confidentially submit
concerns regarding questionable accounting or auditing
matters, as well as concerns impacting on internal
controls. Correspondence should be sent to:
PHONE NUMBERS:
MCU’s Automated Service –
Touch Tone Teller:
Within the Five Boroughs/
Long Island
(212) 693-4900
Municipal Credit Union
Supervisory Committee/Internal Audit Department
Post Office Box 3418, New York, NY 10277-1863
Attn: Giovanni Porcelli, Chairman
Phone: 212-238-3573 Email: gporcelli@nymcu.org
NCUA Your savings federally
insured to at least $250,000
and backed by the full faith and credit of
the United States Government. National
Credit Union Administration, a U.S.
Government Agency.
For complete information concerning our
savings programs, contact the credit union
for a “Truth-in-Savings” disclosure.
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