2022-11-15T09:30:44-06:00 2021-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2021-01-01 041695745 METRO CREDIT UNION METR 8776963876 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ERIK M PORTER CFO 6174885509 2022-11-14 1 ERIK PORTER 000009648 HARRY A KALAJIAN JR CPA P00464296 6174399700 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ROBERT M CASHMAN 200 REVERE BEACH PARKWAY CHELSEA MA 02150 356257254 0 X WWW.METROCU.ORG X 1926 MA METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. 12 8 430 12 162300 0 0 0 82528366 82800045 17269870 7603899 1499760 2533533 101297996 92937477 113224 134546 0 0 33406510 32885525 0 0 0 51868874 45073714 85388608 78093785 15909388 14843692 2385374276 2510941078 2180567969 2291755740 204806307 219185338 X SEE DISCLOSURE IN SCHEDULE O 0 0 METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF 12/31/2021, METRO CREDIT UNION HAS NET LOANS OF $2,144 MILLION AND SHARE DEPOSITS OF $2,046 MILLION. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 47266 0 1 430 1 1 1 0 0 0 0 0 1 0 X 12 8 1 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X ERIK M PORTER 6174885509 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ADAM FRANK DIRECTOR 2.00 X 0 0 0 ARNOLD S BAER DIRECTOR 2.00 X 0 0 0 ARTHUR COHAN DIRECTOR/CLERK 2.00 X X 0 0 0 BION FOSTER DIRECTOR 2.00 X 0 0 0 DAVID HOLZMAN DIRECTOR 2.00 X 0 0 0 DONNA LEE DIRECTOR 2.00 X 0 0 0 JOHN IMBERGAMO DIRECTOR/VICE CHAIRMAN 2.00 X X 0 0 0 JOSEPH ZANG DIRECTOR 2.00 X 0 0 0 MARK SMOLLER DIRECTOR/CHAIRMAN 2.00 X X 0 0 0 PAUL M GULKO DIRECTOR 2.00 X 0 0 0 PETER HARRIS DIRECTOR/TREASURER 2.00 X X 0 0 0 ROBERT M CASHMAN PRESIDENT/CEO/DIRECTOR 40.00 X X 1226325 0 51907 CHARLENE BAUER SVP OUTREACH, ADVOCACY & CDO 40.00 X 226208 0 16651 ERIK PORTER CHIEF FINANCIAL OFFICER 40.00 X 342389 0 18650 GREGORY SPENCER SVP STRATEGIC INITIATIVES 40.00 X 202934 0 21455 JAMES HERNDON SVP HUMAN RESOURCES 40.00 X 186860 0 18097 MARIA A JUSTINIANO SVP LENDING 40.00 X 208093 0 21044 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE 40.00 X 228990 0 21646 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCT 40.00 X 150196 0 1890 TRACI MICHEL CHIEF OPERATING OFFICER 40.00 X 309733 0 28157 DAVID VARNO MORTGAGE SPECIALIST 40.00 X 266158 0 18799 JEFFREY ACCAPUTO MORTGAGE CLIENT SERVICES S 40.00 X 283510 0 16401 JOSEPH GANNON MORTGAGE LOAN ORIGINATOR 40.00 X 738615 0 22880 KEVIN MALONE SVP SENIOR COMMERICIAL LENDER 40.00 X 297211 0 24000 THOMAS SHEWALTER MORTGAGE LOAN ORIGINATOR 40.00 X 321981 0 14017 4989203 0 295594 35 0 1 0 COCC 100 EXECUTIVE BLVD SOUTHINGTON CT 06489 DATA PROCESSING SERVICES 7889280 CULA LLC 9665 GRANITE RUDGE DRIVE SUITE 400 SAN DIEGO CA 92123 LEASED AUTO LOAN SERVICING 1944707 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DATA PROCESSING SERVICES 1623640 MECHANICA LLC 75 WATER STREET NEWBURYPORT MA 01950 MARKETING SERVICES 1341285 VISA ACH PO BOX 742233 LOS ANGELES CA 90074 DEBIT/ATM PROCESSING 1235585 81 INTEREST INCOME ON LOANS 522100 64859003 64859003 MEMBER FEES 522100 15975200 15829099 146101 LOAN FEES 522100 1965842 1965842 82800045 2583063 2583063 47344 268293269 0 263319777 47344 4973492 5020836 5020836 MISC INCOME 525990 973941 957742 16199 VISA INCOME 525990 606839 606839 BOLI INCOME 525990 580689 580689 372064 372064 2533533 92937477 85171278 162300 7603899 127546 7000 3081727 21953224 2496990 3291207 2062377 1463422 562439 548639 1542202 3169179 7817168 5393082 84815 33554 13043100 1141947 559177 ATM DEBIT CARD EXPENSES 4664048 PROVISION FOR LOAN LOSS 1932641 OTHER EXPENSES 1074969 LOAN ORIGINATION SYSTEM 771124 1272208 78093785 9569968 9484720 140515073 75146183 1955128237 2144440474 2322981 2487308 70177054 35359332 32480626 34817722 150065814 144429320 25855089 24247732 3290235 3290235 66146253 72597384 2385374276 2510941078 26424239 31309990 5210703 4919184 250426650 209394042 1898506377 2046132524 2180567969 2291755740 X 0 0 0 0 204806307 219185338 204806307 219185338 2385374276 2510941078 X 14843692 -1835564 1370903 X X 0 1 X 1 0 0 1 X 11575702 11575702 30113435 13589040 16524395 2670892 1897103 773789 25817025 19873189 5943836 34817722 DEPOSITS 2046132524 2046132524 X 93146000 297462 -87737 209725 92936275 1202 1202 92937477 78005000 284 284 78004716 89069 89069 78093785 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES FOR ITS MEMBERS IN CONNECTION TO REAL ESTATE LOANS. PART X, LINE 2: THE CREDIT UNION IS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(14) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. HOWEVER, STATE-CHARTERED CREDIT UNIONS ARE SUBJECT TO FEDERAL AND STATE TAXES ON UNRELATED BUSINESS INCOME. FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020, THE CREDIT UNION RECOGNIZED $17,000 OF TAX REFUNDS AND $26,000 OF TAX EXPENSE ON UNRELATED BUSINESS INCOME, RESPECTIVELY, WHICH IS INCLUDED IN OTHER GENERAL AND ADMINISTRATIVE EXPENSES IN THE CONSOLIDATED STATEMENTS OF NET INCOME. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2021 AND 2020 AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MASSACHUSETTS. THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS REPOSSESSED EXPENSE FROM REVENUE TO EXPENSES -32,115. RECLASS FORECLOSURE EXPENSE FROM REVENUE TO EXPENSES -56,954. ROUNDING 1,332. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS GAINS/LOSSES ON ASSETS SALES FROM EXPENSES 1,202. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS GAINS/LOSSES ON ASSETS SALES FROM EXPENSES -1,202. ROUNDING 1,486. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS REPOSSESSED EXPENSE FROM REVENUE 32,115. RECLASS FORECLOSURE EXPENSE FROM REVENUE 56,954. 1 INVERSANT 561 BOYLSTON STREET BOSTON MA 02116 271462229 501(C)(3) 15000 0 DONATION NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 50000 0 DONATION THE NEIGHBORHOOD DEVELOPERS 4 GERRISH AVENUE CHELSEA MA 02150 042660283 501(C)(3) 10000 0 DONATION 3 0 SCHOLARSHIPS 6 7000 PART I, LINE 2: METRO CREDIT UNION PROVIDES SCHOLARSHIPS TO STUDENTS WORKING IN METRO'S HIGH SCHOOL BRANCHES OR ARE STUDENTS LIVING IN THE COMMUNITIES WHERE THE CU SERVES IN ORDER TO SUPPORT STUDENTS THAT HAVE DEMONSTRATED ACADEMIC EXCELLENCE AND COMMUNITY SERVICE. X X 1 1 X X X X X 0 1 0 ROBERT M CASHMAN PRESIDENT/CEO/DIRECTOR 1196928 0 0 0 29397 0 40862 0 11045 0 1278232 0 0 0 JOSEPH GANNON MORTGAGE LOAN ORIGINATOR 731921 0 0 0 6694 0 14500 0 8380 0 761495 0 0 0 ERIK PORTER CHIEF FINANCIAL OFFICER 341895 0 0 0 494 0 14500 0 4150 0 361039 0 0 0 TRACI MICHEL CHIEF OPERATING OFFICER 309263 0 0 0 470 0 14500 0 13657 0 337890 0 0 0 THOMAS SHEWALTER MORTGAGE LOAN ORIGINATOR 321937 0 0 0 44 0 10649 0 3368 0 335998 0 0 0 KEVIN MALONE SVP SENIOR COMMERICIAL LENDER 296805 0 0 0 406 0 14205 0 9795 0 321211 0 0 0 JEFFREY ACCAPUTO MORTGAGE CLIENT SERVICES S 283414 0 0 0 96 0 13251 0 3150 0 299911 0 0 0 DAVID VARNO MORTGAGE SPECIALIST 266095 0 0 0 63 0 10477 0 8322 0 284957 0 0 0 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE 228579 0 0 0 411 0 10739 0 10907 0 250636 0 0 0 CHARLENE BAUER SVP OUTREACH, ADVOCACY & CDO 222678 0 0 0 3530 0 10914 0 5737 0 242859 0 0 0 MARIA A JUSTINIANO SVP LENDING 207611 0 0 0 482 0 10887 0 10157 0 229137 0 0 0 GREGORY SPENCER SVP STRATEGIC INITIATIVES 202436 0 0 0 498 0 10660 0 10795 0 224389 0 0 0 JAMES HERNDON SVP HUMAN RESOURCES 186487 0 0 0 373 0 9742 0 8355 0 204957 0 0 0 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCT 149938 0 0 0 258 0 1647 0 243 0 152086 0 0 0 PART I, LINE 1A THE CREDIT UNION HAS AN AGREEMENT WITH ROBERT CASHMAN, ERIK PORTER, TRACI MICHEL, AND MARIA JUSTINIANO TO REIMBURSE THE TAX OWED AS A RESULT OF THE TAXABLE INCOME GENERATED FROM THE PREMIUM DEPOSIT ACCOUNT IN EACH OF THEIR RESPECTIVE LOAN REGIME SPLIT DOLLAR PLANS. PART I, LINE 4B DURING 2019, THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT WITH THE CHIEF EXECUTIVE OFFICER (CEO) WHICH SUPERSEDED THE PREVIOUS SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN WITH THE CEO. IN CONNECTION WITH THE AGREEMENT, THE CREDIT UNION PROVIDED THE CEO WITH A $3,272,000 NOTE RECEIVABLE, INCLUDED IN OTHER ASSETS ON THE CONSOLIDATED BALANCE SHEET, WHICH WAS USED TO PURCHASE LIFE INSURANCE CONTRACTS FOR THE BENEFIT AND PROTECTION OF THE EXECUTIVE'S FAMILY, IN ADDITION TO ACCUMULATING CASH VALUE THAT THE EXECUTIVE CAN ACCESS THROUGH LOANS FROM THE POLICIES TO SUPPLEMENT RETIREMENT INCOME. THE NOTE CREDITS INTEREST AT A RATE OF 1.86%. THE CREDIT UNION'S INTEREST IS SECURED BY COLLATERAL ASSIGNMENT OF THE LIFE INSURANCE POLICIES. THE NOTE RECEIVABLE WILL BE REPAID WITH LIFE INSURANCE PROCEEDS UPON DEATH OF THE EXECUTIVE. IN 2021, OTHER EXECUTIVES ENTERED INTO SIMILAR SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENTS, WHICH PROVIDED THE EXECUTIVES WITH NOTES RECEIVABLES IN THE AGGREGATE AMOUNT OF $5,750,000. THESE NOTES CREDIT INTEREST AT A RATE OF 2.07%. THE CREDIT UNION'S EXPENSE IN CONNECTION WITH THESE AGREEMENTS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 AMOUNTED TO $125,000 AND $101,000, RESPECTIVELY. SUBURBAN SERVICES ERIC COHAN FAMILY MEMBER OF DIRECTOR 279132 CLEANING SERVICES 0 WINBROOK DAVID HOLZMAN DIRECTOR 355814 OFFICE SUPPLIES 0 SMOLLER INSURANCE AGENCY MARK SMOLLER DIRECTOR 272427 INSURANCE AGENT 0 SCHEDULE L, PART II - LOANS TO OFFICERS AND DIRECTORS ALL LOANS MADE TO DIRECTORS, OFFICERS OR KEY EMPLOYEES FOLLOWED THE LENDING GUIDELINES FOR LOANS TO ANY CREDIT UNION MEMBER AT THE STATED RATES AND TERMS IN EFFECT AT THE TIME OF THE LOAN. FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION STATEMENT: FOR OVER 90 YEARS, METRO CREDIT UNION HAS BEEN PROVIDING FINANCIAL SERVICES TO COMMUNITIES THROUGHOUT MASSACHUSETTS AND NEW HAMPSHIRE. AS ONE OF THE LARGEST CREDIT UNIONS IN THE STATE, METRO HAS $2.5 BILLION IN ASSETS, MORE THAN 187,000 MEMBERS, AND IS ABLE TO SERVE ANYONE IN ESSEX, MIDDLESEX, SUFFOLK, NORFOLK, PLYMOUTH, BARNSTABLE, WORCESTER AND THE FOLLOWING NEW HAMPSHIRE COUNTIES: HILLSBOROUGH, ROCKINGHAM. AS A FULL-SERVICE CREDIT UNION, METRO OFFERS ALL OF THE FINANCIAL PRODUCTS AND DELIVERY INNOVATIONS THAT YOU'D EXPECT FROM A LARGE FINANCIAL INSTITUTION. FOUNDED IN 1926 AND HEADQUARTERED IN CHELSEA, MASSACHUSETTS, METRO CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION, OWNED BY AND OPERATED FOR THE PEOPLE WHO USE AND BENEFIT FROM OUR PRODUCTS AND SERVICES. WE'RE DIFFERENT FROM BANKS BECAUSE WE ARE A NON-PROFIT COOPERATIVE THAT IS DEDICATED TO THE FINANCIAL SUCCESS OF OUR MEMBERS; AND NOT FOCUSED ON PAYING DIVIDENDS TO STOCKHOLDERS OR MAXIMIZING PROFITS FOR SHAREHOLDERS. THE MONEY WE BRING IN IS REINVESTED IN YOU, OUR MEMBERS, THROUGH BETTER RATES AND LOWER FEES. THE PHILOSOPHY OF METRO CREDIT UNION IS "PEOPLE HELPING PEOPLE." EACH MEMBER IS AN EQUAL OWNER, REGARDLESS OF HOW MUCH MONEY IS DEPOSITED WITH THE CREDIT UNION. WE ARE COMMITTED TO FINANCIAL EDUCATION. WHETHER ITS SIMPLE TIPS TO HELP YOU BETTER MANAGE YOUR FINANCES OR SEMINARS AND PROGRAMS DESIGNED TO HELP YOU NAVIGATE MORE COMPLICATED FINANCIAL SITUATIONS, WE WANT TO ENSURE THAT YOU HAVE THE RIGHT ADVICE, GUIDANCE AND RESOURCES TO MAKE SMART FINANCIAL DECISIONS. AS A CREDIT UNION, WE PROVIDE PRODUCTS AND SERVICES THAT ARE AFFORDABLE AND FLEXIBLE. WE PARTNER WITH AFFORDABLE HOUSING ORGANIZATIONS ACROSS THE STATE TO ENSURE THAT EVERY PROSPECTIVE HOMEBUYER HAS ACCESS TO AS MANY RESOURCES AS POSSIBLE TO REALIZE THEIR DREAM OF HOMEOWNERSHIP. WE HAVE GENUINE MEMBER FOCUS. ALL OF OUR GUIDANCE AND SERVICES ARE DELIVERED THROUGH ENGAGED EMPLOYEES. THEY LISTEN TO MEMBERS FIRST; UNDERSTAND THEIR SPECIFIC SITUATION; AND PROVIDE THE SOLUTIONS THAT BEST FIT THE NEEDS OF THE INDIVIDUAL OR BUSINESS. FORM 990, PART VI, SECTION A, LINE 2 MARK SMOLLER, A BOARD DIRECTOR, IS RELATED TO ROBERT CASHMAN, CEO. ADAM FRANK, A BOARD DIRECTORS, IS THE SON-IN-LAW ROBERT M. CASHMAN, THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION A, LINE 4 ARTICLE II MEMBERSHIP AND SPHERE OF OPERATION SECTION 1: MEMBERSHIP IN THIS CORPORATION SHALL BE LIMITED TO PERSONS (A) LIVING, WORKING, HAVING A PLACE OF BUSINESS OR ATTENDING AN EDUCATIONAL INSTITUTION IN THE FOLLOWING MASSACHUSETTS COUNTIES: ESSEX, MIDDLESEX, NORFOLK, SUFFOLK, WORCESTER, PLYMOUTH, BARNSTABLE, BRISTOL, FRANKLIN, HAMPSHIRE, AND HAMPDEN; AND THE FOLLOWING NEW HAMPSHIRE COUNTIES: HILLSBOROUGH, ROCKINGHAM, AND CHESHIRE OR (B) WHO ARE FAMILY MEMBERS OF ELIGIBLE PERSONS, REGARDLESS OF LOCATION. SECTION 14: MEMBERSHIP IN THIS CREDIT UNION SHALL ALSO INCLUDE THOSE WHO ARE PERMANENT PENSION CONTRIBUTING EMPLOYEES OF THE CITY OF GLOUCESTER, PERMANENT PART-TIME EMPLOYEES OF THE CITY OF GLOUCESTER, EMPLOYEES OF THE GLOUCESTER MUNICIPAL CREDIT UNION, AND RETIRED GLOUCESTER MUNICIPAL EMPLOYEES. FORM 990, PART VI, SECTION A, LINE 6 THE METRO CREDIT UNION IS A MEMBERS ONLY CREDIT UNION. MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS OR HAS A PLACE OF BUSINESS IN ESSEX, MIDDLESEX, SUFFOLK, NORFOLK, PLYMOUTH, BARNSTABLE OR WORCESTER COUNTIES AND NEW HAMPSHIRE. ANNUALLY THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS THAT ACT ON BEHALF OF MEMBERS AS THE GOVERNING BODY OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A SEE DISCLOSURE FOR LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE DISCLOSURE FOR LINE 6 FORM 990, PART VI, SECTION B, LINE 11B ALL FINANCIAL DATA REPORTED RECONCILES TO THE YEAR END FINANCIAL STATEMENTS PRESENTED TO THE BOARD OF DIRECTORS. THE RETURN IS REVIEWED BY THE CFO AND THEN REVIEWED BY THE BOARD PRIOR TO TRANSMITTING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, OR IF A CHANGE OCCURS DURING THE YEAR, SENIOR MANAGEMENT AND THE BOARD OF DIRECTORS ARE REQUIRED TO SIGN AN ACKNOWLEDGMENT FORM AND DISCLOSURE STATEMENT AND RETURN IT TO THE CEO OR CHAIRMAN OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS INCLUDES REVIEW OF RECOMMENDATIONS PROVIDED BY AN OUTSIDE COMPENSATION CONSULTANT, USE OF INDUSTRY SPECIFIC DATA CONTAINING COMPARABLE COMPENSATION,REVIEW OF AVAILABLE SURVEY DATA PUBLISHED BY HUMAN RESOURCE ORGANIZATIONS, REVIEW AND APPROVAL BY THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS, AND CONTEMPORANEOUS DOCUMENTATION AND RECORD KEEPING. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS RELATED TO THE ORGANIZATION OF THE METRO CREDIT UNION AND ALL 990 FILINGS ARE AVAILABLE UPON REQUEST BY ANY PERSON OR ORGANIZATION THAT REQUEST THE INFORMATION. FORM 990, PART XI, LINE 9: FAS 158 NET PENSION ADJUSTMENT 838,793. EQUITY ACQUIRED FROM A MERGER 532,110. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS OF METRO CREDIT UNION DURING THE TAX YEAR.