SUMMER • 2017

MCU Looks Toward a Second Century of Innovation, Growth and the Changing Member Experience at the 2017 Annual Shareholders Meeting

Board Chair James Durrah technological advancements and MCU and President/CEO Kam community-minded efforts developed Wong addressed more than 600 members throughout the past year. at the 2017 Annual Shareholders Meeting held on Wednesday, May 10 at the “In 2016, MCU reported a record year New York Hilton Midtown Manhattan as we grew to nearly $2.5 billion in Hotel. Together they reported a year assets,” said MCU Board Chair James of sustainable growth and continued Durrah. “As we continued to prove our improvements as the credit union financial soundness, our efforts to celebrated and reflected on its 100th year enhance our digital offerings, financial of service to New York. In recognition education programming, data security of these milestone achievements, MCU and advocacy for credit union legislation discussed the latest round of products, demonstrated both our integrity as a not-for-profit financial institution and our leadership within the financial services industries. Most importantly, we have remained dedicated to serving more than 400,000 members.”

As part of its effort to improve its member experience, MCU expanded MCU President/CEO Kam Wong discusses the its ATM Network with 21 new locations credit union’s success in its centennial year as it throughout New York City. In addition set new standards of excellence at the 2017 Annual Shareholders Meeting held at the New York Hilton to bolstering its physical footprint, Midtown Manhattan on Wednesday, May 10. advancements to MCU’s digital and mobile technology have empowered our “This year, we launched our new TRUE members to manage their finances with Rewards Cash Back VISA® Credit Card, simplicity and security from anywhere which provides our members with the in the world. These upgrades included opportunity to receive one percent the new Bill Pay service and continued cash back on net purchases with no improvements in the NYMCU Online annual fee or penalty rate pricing,” and Mobile Banking platforms. said MCU President/CEO Kam Wong.

In addition to successfully enhancing “In addition, our efforts to help members Municipal Credit Union Board Chair James connectivity and accessibility in 2016, achieve their goals through our Durrah addresses MCU members and employees at the 2017 Annual Shareholders Meeting at the MCU introduced new products and Financially Fit financial education New York Hilton Midtown Manhattan Hotel on services to help members achieve Wednesday, May 10. their unique personal financial goals. (Continued on next page) (Continued from front page)

The MCU Board of Directors and Supervisory Committee attend the 2017 Annual Shareholders Meeting held at the New York Hilton Midtown Manhattan Hotel on Wednesday, May 10 to discuss the credit union’s growth and progress throughout the past year. program were well-received and acclaimed volunteer hours with local charity Most importantly, MCU’s success in its by our industry.” organizations and supporting centennial year has set new standards philanthropic events and causes of excellence that will define the credit As MCU looked to the future of serving throughout the New York City area,” union for years to come. its members, the credit union remained said Durrah.“Municipal Credit unwavering in its commitment to its Union additionally continued our “In 2016, we proved that while much is long-standing legacy of giving back to its corporate partnerships with well- changing for MCU, our commitment to members and the communities in which recognized charitable missions, our credit union roots is stronger than they work and live across New York. including American Cancer Society’s ever,” said Wong. “And as we focus on Making Strides Against Breast our members and building lifetime quality “This year, the launch of our 100 Acts Cancer campaign and City financial relationships with them, we will of Kindness campaign led to MCU Harvest’s Skip Lunch Fight remain Strong, Trusted, and Growing in employees donating hundreds of Hunger initiative.” our second century of service.”

MCU ANNOUNCES BOARD ELECTION RESULTS, APPOINTS OFFICERS TO THREE-YEAR TERMS ARD During the 2017 Annual Shareholders Meeting, held on Wednesday, May 10 at the New MCU BO York Hilton Midtown Manhattan Hotel, MCU Board members Tony Abdallah, S. Nana Osei-Bonsu and Mark S. Brantley, Esq. were reelected to the Board and immediately began serving another three-year term. Additionally, Elan Nieves, Esq. was elected to a three- year term on the Board and will immediately assume the seat previously held by Shirley Jenkins, who has transitioned to the position of Director Emeritus. Following the election, MCU Board Chair James Durrah announced the official officer positions for the Board of 17 Directors this coming year as follows: 20  James Durrah – Board Chair  S. Nana Osei-Bonsu – Treasurer  Beryl Major – 1st Vice Chair  Caroll A. Duncanson – Secretary  Loretta Y. Jones – 2nd Vice Chair  Mario Matos, Jr. – Asst. Treasurer   C. Richard Wagner – 3rd Vice Chair  Tessa I. Hackett-Vieira – Asst. Secretary Tony Abdallah; Mark S. Brantley, Esq.; Elan Nieves, Esq. and Joy S. Schwartz, Esq. will serve as Directors. Shirley Jenkins will serve as Director Emeritus. In addition, Almeta Coaxum was reelected to the Supervisory Committee. Her three-year term begins immediately. Giovanni Porcelli, Karen Lucas, Joseph Guagliardo and Cheryl Wright will also continue to serve as members on the Supervisory Committee. MCU’S TIPS FOR USING YOUR CREDIT CARD WHEN TRAVELING

you’ll be traveling for an extended period. MCU will send members a new credit card approximately two weeks before the current one expires. However, if you plan to be away during that time you can call to request a new card ahead of schedule. Set up NYMCU Online and Mobile Banking. Having 3 access to your accounts and credit card information can prove to be extremely helpful when traveling, especially if you need to make a payment or check your balance. Members can sign up for NYMCU Online Banking at nymcu.org or download the MCU Mobile Banking App to their iPhone or Android smartphone. 4 Spend Like a Local. When charging purchases abroad, Summer is the season to travel! Whether you’re seeking a you may have the option of paying in U.S. dollars instead great adventure or a relaxing getaway, using your credit card of local currency. This is often referred to as “dynamic is an easy and convenient way to keep your vacation going. currency conversion.” While it may be easier to keep Check out our credit card tips for traveling below! track of costs when choosing to pay in U.S. currency, travelers will usually receive a better exchange rate and Let us know you’re traveling.* If you’re traveling, your save money by opting to initially pay with local currency. 1 card activity will certainly look abnormal and may result in a hold being placed on your account for 5 Report a lost or stolen card ASAP. Mistakes happen. security purposes. Letting us know your travel plans If you lose or misplace your credit card, contact us to will help us keep your card active and your vacation put a stop on it immediately and prevent it from being running smoothly. used by someone else. A replacement card can also be arranged. To contact MCU regarding a lost or stolen  Check your card’s expiration date.* An expired credit credit card, call (800) 449-7728. 2 card won’t be any help on your trip. Double check your expiration dates before you leave home, especially if *To contact MCU, call (212) 693-4900.

Life can truly be rewarding with an MCU True Rewards VISA® Card

Find out how today! Visit nymcu.org/truerewards

Earn 1% Cash Back on eligible net purchases. Please see the MCU TRUE Rewards Cash Back VISA Card Program Description for further information. APR = Annual Percentage Rate. Introductory APR for new cardholders on new purchases and balance transfers is either 0.00%, 2.90%, 3.90% or 5.90% for the first twelve (12) months, based on your creditworthiness. After the Introductory APR period expires, the APR will be either 12.40%, 13.65%, 15.15% or 16.90%, based on your creditworthiness—these post-introductory APRs may vary. The APR for Cash Advances is a fixed 17.90%. The Cash Advance Fee is $2.00 or 3% of the Cash Advance, whichever is greater (maximum $30.00).The Balance Transfer Fee is 3% of the balance transfer amount or $10.00, whichever is greater. Balance transfers from another MCU loan or MCU VISA Card are not permitted. If interest is charged, the minimum periodic interest charge is $0.50. The Foreign Transaction Fee is 1% of each foreign transaction in U.S. dollars. Certain restrictions apply. Membership is required. MCU Announces 2017 Scholarship Winners Continuing our support of higher education among young people throughout the New York area, MCU is proud to announce that we have awarded $66,000 in scholarships to college-bound graduating high school seniors: eight memorial scholarship grants of $5,000 each and 13 grants of $2,000 each. “Our scholarship winners are exceptional young men and women who exemplify our credit union values through their drive, dedication to education and commitment to community service,” said MCU President/CEO Kam Wong at a special reception held for the memorial scholarship winners on June 8, 2017. “I am very proud that our scholarship program is able to support exceptional young people as they pursue the higher education that will help them to achieve goals and realize new dreams.” Congratulations again to all of this year’s winners!

Aadil Khan – Julian I. Garfield Memorial Scholarship Mikayla Angel Kia Mahootian Syed Abid Hussain Khan – Willie James Memorial Scholarship Victoria Becker Kiyana Nangle Brianna Lormil – Louise DeBow Memorial Scholarship Regibella Duperval Kevin O’Donnell Truth Muller – John Purroy Mitchel Memorial Scholarship Jennifer George Sophia Paone Thomas Pinto – Anna Mae Massy Memorial Scholarship Megan Lau Abigail Petrassi Michael Pocress – Malachy T. Higgins Memorial Scholarship Matthew Lobaton Gerald Rehill III Jihad Abdul Sabur – Charles Faulding Memorial Scholarship Chioma Madu John Eduard Timony III – James McKeon Memorial Scholarship

Board of Directors PERSONAL LOAN RATES PHONE NUMBERS: James Durrah, Board Chair PERSONAL LOAN RATES MCU’s Automated Service – Beryl Major,1st Vice Chair Auto-Pay Monthly Payment Per Touch Tone Teller: Loretta Y. Jones, 2nd Vice Chair Loan Type Amount Financed Term APR* $1,000 Borrowed Within the Five Boroughs/ C. Richard Wagner, 3rd Vice Chair Long Island S. Nana Osei-Bonsu, Treasurer Unsecured Loan $1,000–$15,000 Up to 60 Months 5.95% $19.31 (212) 693-4900 Caroll A. Duncanson, Secretary Unsecured Loan $15,001–$50,000 Up to 60 Months 6.95% $19.78 Outside the Five Boroughs/ Mario Matos Jr., Asst. Treasurer Long Island Unsecured Loan $15,001–$50,000 Up to 72 Months 7.55% $17.31 Tessa Hackett-Vieira, Asst. Secretary (800) 323-6713 Tony Abdallah, Director Application Express: Mark S. Brantley, Esq., (800) LOAN-MCU Director AUTO LOAN RATES Elan Nieves, Esq., Director Loan By Fax: Joy S. Schwartz, Esq., Director Maximum Auto-Pay Monthly Payment Per (212) 238-2699 Loan Type Amount Financed Term APR* $1,000 Borrowed Shirley Jenkins, Director Emeritus MCU Auto Loans: 888-4MCU-AUTO Supervisory Committee New Cars (Best loan rates available when using the MCU Car Buying Service) Giovanni Porcelli, Chairman 2017–2016 125% Up to 60 Months 1.45% $17.29 VISA Information: (800) 481-7338 Karen Lucas, Secretary 2017–2016 125% 61–66 Months 2.35% $16.17 Almeta Coaxum, Member 2017–2016 125% 67–72 Months 2.35% $14.91 Mortgage and Home Equity Information: (212) 238-3521 Joseph Guagliardo, Member Cheryl Wright, Member Pre-Owned Cars (Best loan rates available when using the MCU Car Buying Service) Deposit Account Information: 2015 125% Up to 60 Months 1.85% $17.47 (212)-693-4900 Executive Management 2015 125% 61–66 Months 2.65% $16.30 New Member Line: Kam Wong, President/ 2015 125% 67–72 Months 2.75% $15.09 (866) JOIN-MCU Chief Executive Officer Thomas Siciliano, General Counsel Rates may be higher based on applicant’s credit worthiness. Rates and terms are subject to change without notice. Certain restrictions may apply. VISIT US ONLINE: MCU only finances vehicles purchased from a car dealer: We do not offer financing for private sales, individual sales or lease buyouts. Richard Casamassa, EVP/Chief nymcu.org * Auto-Pay: When direct deposit or automatic payroll deduction is utilized as the method of loan repayment. Annual percentage rates for auto loans Member Service Operations Officer will increase by 1/2 % after consummation if automatic payroll deduction or direct deposit is cancelled. Annual percentage rates on unsecured Norman Kohn, EVP/Chief Credit Officer loans will increase by 2% after consummation if automatic payroll deduction or direct deposit is cancelled. Late payment fee: $25.00. Facebook.com/nymcu APR = Annual Percentage Rate. Kim Thompson, EVP/Chief Human Municipal Credit Union is an equal housing lender. Resources Labor Relations Officer @NYMCU_News Linda Lambert, SVP/ NOTICE FROM THE SUPERVISORY COMMITTEE Chief Financial Officer NCUA Your savings federally insured to at least $250,000 and backed by the full faith and credit Janet Perkins, SVP/ The Supervisory Committee has established a Municipal Credit Union procedure whereby members can confidentially submit Supervisory Committee/Internal Audit Department of the United States Government. National Credit Chief Innovation Officer Union Administration, a U.S. Government Agency. concerns regarding questionable accounting or auditing Post Office Box 3418, New York, NY 10277-1863 Carole A. Porter, SVP/Chief Retail matters, as well as concerns impacting on internal Giovanni Porcelli, Chairman For complete information concerning our Attn: savings programs, contact the credit union Banking Operations Officer controls. Correspondence should be sent to: Phone: 212-238-3573 Email: [email protected] for a “Truth-in-Savings” disclosure.

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