JANUARY • 2016 HAPPY 2016 NEW YEAR NEW YEAR’S HOLIDAY GREETINGS GREETINGS FROM THE FROM MCU CEO BOARD CHAIR

Kam Wong Sylvia G. Ash President/CEO Chairman of the Board

As we look forward to our centennial anniversary this On behalf of the MCU Board of Directors, I’d like to wish coming year, now is the time to look back on what we have everyone a happy and healthy New Year. It has been a been able to accomplish in both 2015 and throughout pleasure and an honor to serve Municipal our long history. As we continue to grow and thrive as an and its members as the Chair of the Board since my institution, our operational advancements and commit- appointment in May. First and foremost, I would like to ment to corporate goodwill brought noted improvement thank my fellow Board Members, our President/CEO to the MCU member experience. Kam Wong, and the rest of our MCU team for their help and support throughout this time. It has and continues I am proud to report that 2015 was marked with continued to be an exceptional experience to lead MCU into our progress and achievements for Municipal Credit Union as second century of serving our members. we worked tirelessly to introduce new financial tools to our members in order to make managing accounts both more As we enter our centennial year, now is an excellent time secure and convenient. Our new Instant-Deposit ATMs to reflect on the success that both Municipal Credit Union now help our members make deposits with speed and and the credit union industry have made in improving the ease, and without the use of an envelope. We also opened lives of members and communities everywhere. Since our Rego Center Branch, our first “Smart Branch,” which 1916, Municipal Credit Union has operated with the simple features interactive touch-screen displays, self-service goal of carrying out the credit union mission of “people iPad kiosks, a Video Conferencing Center, our new Instant- helping people.” We have made significant strides in Deposit ATMs and much more. We’re very proud of this carrying out this mission every day, and providing our new branch, as it is not only the 19th installment within members with the opportunity to live their dreams with our branch network, but also marks the first of many financial peace of mind.

(continued on page 2) (continued on page 2) (continued from page 1) (continued from page 1) steps we will be taking in the near future to move into the Our long-standing commitment to our members and their next generation of in-branch technology that will rival the financial well-being led to notable expansion in the types service provided by our big bank competitors. of financial education and empowerment services we offer. This year, we not only continued with our Financially Our member-focused services have been a top priority Fit and Homebuyers Seminars, but we also hosted our this year, as we’ve worked to find new ways to assist our first Financial Expo to assist the more than 2,000 people members with all of their financial needs and concerns. in attendance in understanding a wide range of financial This year we took a huge step in this initiative, as Municipal topics, including wealth management, home ownership, Credit Union began offering wealth management services and automobile buying. We also continued to lend financial to its members. The MEMBERS program assistance to our members in need, and provide a safe is a comprehensive service which includes financial plan- harbor for members seeking a secure place for their ning, retirement planning, and a portfolio of investment hard-earned savings. products, including stocks and bonds, mutual funds, and tax-deferred investments. These services further enhance MCU’s commitment to the credo of “People Helping People” HAPPY our ability to serve our members and help them reach their extended into the communities in which members work and personal financial aspirations. live. Our employees donated hundreds of hours of their time by volunteering throughout the community, and MCU’s success has always been measured beyond supported important causes such as the American Cancer our bottom line. Our partnerships with several notable Society’s Making Strides Against Breast Cancer, which charitable organizations in 2015 have allowed us to give brings awareness to a disease that will affect more than back to the communities in which we serve, such as our 15,000 women in our communities every year. $25,000 donation to City Harvest’s Skip Lunch, Fight Hunger initiative, and our continued support of the American And MCU’s dedication to our members and the credit Heart Association and American Cancer Society. Our union movement didn’t end there: Our Board of Directors dedication to young people was exhibited once again, went to Washington DC and Albany to advocate for our with nearly $80,000 in scholarships given to graduating members, employees, and met with national and local high school seniors in recognition of their exceptional legislators, discussing many important topics that allow academic achievements. MCU and credit unions nationwide to provide invaluable service to our members. Their leadership ensures that all Our beginnings were humble. In 1916 we opened our of our more than 375,000 members always have their doors in the Municipal Building with just nineteen charter credit union to count on for their financial needs. account holders and $570.00 in deposits. Today, thanks to the extraordinary leadership and guidance from our I can say with confidence, that just like during our first Board of Directors and dedicated efforts of our management “Century of Service,” MCU’s commitment to you—our team and staff, MCU has grown to more than 375,000 members­­­—will continue to grow and strengthen in the members, more than $2.2 billion in assets and 19 branch- years to come. Whether it is buying the home of your es throughout the New York area. We have accomplished dreams, sending your children to college, or retiring in all of these feats without ever wavering from our mission financial comfort, MCU will be there to provide a helping as a credit union: Serving the hardworking people of hand. Thank you for your continued support. We are blessed New York with transparent and fair business practices in and honored to have the opportunity to serve you more in order to help them achieve their financial goals. Thank the days, months, and years ahead. So, once again on behalf you for allowing us to serve you for the past 100 years, of the Board of Directors, I wish you and your loved ones a and I wish you and your loved ones a happy and healthy happy, healthy, and prosperous New Year. New Year. Yours in service,

Kam Wong Sylvia G. Ash President/CEO Chairman of the Board

Don’t Delay Your Tax Refund Direct Deposit To learn more, visit nymcu.org MCU is Celebrating Years of Service

Since 1916, Municipal Credit Union has been unwavering in its commitment to serve the hardworking people throughout the area. We’ve come a long way in the nearly 100 years since we were chartered by New York City Mayor John Purroy Mitchel, and we’d like to invite our members to celebrate with us throughout the coming year as we recognize the important milestones we’ve passed in our long history.

April 1926. MCU begins to issue checks to individual creditors in cases where are for October 1916. debt consolidation. MCU holds its first meeting to elect Board and Supervisory Committee members. January 1944. MCU holds $900,500 War Bonds and has sold more than $581,500.

November 1969. October 1984. The New York City New York City Mayor Housing Authority proclaims becomes the first agency October 18 Municipal to offer payroll deduction Credit Union Day. to MCU members.

March 2007. August 2015. MCU President MCU opens first Kam Wong is “Smart Branch” in named the Chief Rego Center. Executive Officer.

Want to learn more?

Follow us on Twitter Like us on Facebook @NYMCU_News Facebook.com/NYMCU

MCU members will elect If you are a member with time 29, 2016 to be considered Board of Director and to volunteer,* and would like to by the Nominating Supervisory Committee be considered for a nomination Committee. As an MCU is Celebrating Years of Service members at the Annual to either of these two bodies, alternative, a member Meeting this spring. now is the time to let us know. may become a candidate by obtaining the required The twelve-person Board How to Apply? number of signatures on of Directors oversees the Members who would like to a nominating petition. general management of the be considered for nomination affairs, funds, and records of to either of these two bodies For more information MCU. Typically, four directors are encouraged to apply. on the requirements or are elected annually to serve Simply submit your resume procedures for candidacy, three-year terms. and a cover letter to the MCU please contact Nominating Committee. Richard Casamassa, MCU The five-person Supervisory Your submission should be EVP Member Committee oversees the audit addressed as follows: Service Operations, Elections functions of the Credit Union, at 212-238-3372. and ensures, among other MCU Nominating Committee To Be things, financial reporting P.O. Box 3205 CSS accuracy. Usually, one or two New York, NY 10008-3205 *MCU Board of Directors Held This members, as may be required, and Supervisory Committee are elected annually to serve Mailings must be postmarked positions are voluntary and Spring a three-year term. no later than Friday, January are not compensated.

Board of Directors PHONE NUMBERS: Sylvia G. Ash, Chair PERSONAL RATES MCU’s Automated Service – James Durrah, 1st Vice Chair C. Richard Wagner, 2nd Vice Chair Auto-Pay Monthly Payment Per Touch Tone Teller: Loretta Y. Jones, 3rd Vice Chair Loan Type Amount Financed Term APR* $1,000 Borrowed Within the Five Boroughs/ S. Nana Osei-Bonsu, Treasurer Shirley Jenkins, Secretary Mario Matos Jr., Asst. Treasurer Unsecured Loan $1,000–$15,000 Up to 60 Months 5.95% $19.31 (212) 693-4900 Caroll A. Duncanson, Asst. Secretary Mark S. Brantley, Esq., Director Unsecured Loan $15,001–$50,000 Up to 60 Months 6.95% $19.78 Outside the Five Boroughs/ Tessa I. Hackett-Vieira, Director Unsecured Loan $15,001–$50,000 Up to 72 Months 7.55% $17.31 Long Island Beryl Major, Director (800) 323-6713 Joy S. Schwartz, Director Thomas E. Diana, Director Emeritus Application Express: Supervisory Committee AUTO LOAN RATES (800) LOAN-MCU Giovanni Porcelli, Chairman Karen Lucas, Secretary Maximum Auto-Pay Monthly Payment Per Loan By Fax: Almeta Coaxum, Member Loan Type Amount Financed Term APR* $1,000 Borrowed (212) 238-2699 Joseph Guagliardo, Member Cheryl Wright, Member MCU Auto Loans: Executive Management New Cars (Best loan rates available when using the MCU Car Buying Service) 888-4MCU-AUTO Kam Wong, President/CEO 2015–2014 125% Up to 60 Months 1.45% $17.29 VISA Information: Thomas Siciliano, General Counsel 2015–2014 125% 61–66 Months 2.25% $16.13 Richard Casamassa, Executive VP/Chief (800) 481-7338 Member Service Operations Officer 2015–2014 125% 67–72 Months 2.25% $14.87 Norman Kohn, Executive VP/Chief Mortgage and Home Equity Credit Officer Linda Lambert, SVP/Chief Pre-Owned Cars (Best loan rates available when using the MCU Car Buying Service) Information: (212) 238-3521 Financial Officer 2013 125% Up to 60 Months 1.75% $17.42 Carole A. Porter, SVP/Chief Retail Deposit Account Information: Banking Operations Officer 2013 125% 61–66 Months 2.55% $16.26 (212)-693-4900 Kim Thompson, SVP/Chief Human 2013 125% 67–72 Months 2.55% $15.00 Resources and Labor Relations Officer New Member Line: Senior Management Rates may be higher based on applicant’s credit worthiness. Rates and terms are subject to change without notice. Certain restrictions may apply. (866) JOIN-MCU Anie Akpe, VP/Real Property MCU only finances vehicles purchased from a car dealer: We do not offer financing for private sales, individual sales or lease buyouts. William Birnbach, VP/Member VISIT OUR WEBSITE: Service Operations * Auto-Pay: When direct deposit or automatic payroll deduction is utilized as the method of loan repayment. Annual percentage rates for auto loans Ahmed Campbell, VP/Loan Operations will increase by 1/2 % after consummation if automatic payroll deduction or direct deposit is cancelled. Annual percentage rates on unsecured www.nymcu.org Corey Fernandes, VP/Business loans will increase by 2% after consummation if automatic payroll deduction or direct deposit is cancelled. Late payment fee: $25.00. Development and Member Relations APR = Annual Percentage Rate. Urmilla Jorawar, Chief Internal Auditor Municipal Credit Union is an equal housing lender. Steven Kibitel, VP/Marketing NCUA Your savings Amy Kong, VP/Risk Management federally insured to at least John Parrinello, VP/Collections/ NOTICE FROM THE SUPERVISORY COMMITTEE $250,000 and backed by the full faith and Loss Prevention The Supervisory Committee has established a Municipal Credit Union credit of the United States Government. Agnes Payadue, VP/Retail Banking National Credit Union Administration, a U.S. Operations/Contact Center procedure; whereby, members can confidentially submit Supervisory Committee/Internal Audit Department Government Agency. Janet Perkins, VP/Process Engineering/ concerns regarding questionable accounting or auditing Post Office Box 3418, New York, NY 10277-1863 Innovation matters, as well as concerns impacting on internal Attn: Giovanni Porcelli, Chairman For complete information concerning our Joseph Rini, VP/ Accounting and Finance savings programs, contact the credit union controls. Correspondence should be sent to: 212-238-3573 [email protected] Robert Soloway, VP/Technology Phone: Email: for a “Truth-in-Savings” disclosure.

CS2802