Municipal credit union is looking back on a successful 2016 – the credit union's 100th anniversary – and marking two milestones: finising the year with more than 400,000 members and $2.48 billion in assets.
At the credit union's annual meeting, President and CEO Kam Wong highlighted some of Municipal's achievements from the past year. Along with membership and asset accomplishments, MCU's loan portfolio grew to $1.61 billion in 2016, with “marked growth” in both its mortgage and credit card portfolios, while its outstanding mortgage balances climbed by $74 million to $717.1 million. The credit union's loan- to-members' fund ratio was nearly 70%, exemplifying its “continued willingness to extend credit to members for homes, cars or to gain financial flexibility,” the credit union said.
Wong also noted the credi tunion's enhanced member experience through increased accessibility and ease of use, including MCU's new Bill Pay service, its upgrade of its online and mobile banking platforms, and the expansion of its ATM network to 21 new locations throughout the city.
MCU also launched its True Rewards Cash Back VISA credit card, which allows members to receive 1 percent cash back on net purchases with no annual fee or penalty rate pricing.
“We have continued to not only compete, but thrive in the financial capital of the world while never wavering from our credit union values and fair, member-focused practices,” Wong said at annual meeting. "We are proud of what we have accomplished in our first century of service. However, we are more proud of what we can do in the years to come."