2018-11-14T08:59:55-06:00 2017-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2017-01-01 041695745 METRO CREDIT UNION METR 8776963876 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ERIK M PORTER CFO 8776963876 2018-11-13 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 38.97.84.98 2018-11-14 07:30:41 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3035F85F9C36F92B25132AD5EF9C80758CB5F135 2017 2019-02-21 02:37:17Z ROBERT M CASHMAN 200 REVERE BEACH PARKWAY CHELSEA MA 02150 85892865 0 X WWW.METROCU.ORG X 1926 MA SEE DISCLOSURE IN SCHEDULE O 12 10 363 11 365651 0 0 0 57344966 64297484 5995426 6174093 1089803 997772 64430195 71469349 0 0 0 0 22270552 22688647 0 0 0 33837419 33706703 56107971 56395350 8322224 15073999 1633755224 1682401982 1490390948 1524456756 143364276 157945226 SEE DISCLOSURE IN SCHEDULE O 0 0 METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERSTHAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF12/31/2017, METRO CREDIT UNION HAS NET LOANS OF $1,423 MILLION ANDSHARE DEPOSITS OF $1,328 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 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 42701 0 1 363 1 1 1 0 0 0 0 0 X 12 10 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 X ERIK M PORTER 6174885509 200 REVERE BEACH PARKWAY CHELSEA MA 02150 PETER HARRIS DIRECTOR/TREASURER 2.00 X X 0 0 0 DONNA LEE DIRECTOR 2.00 X 0 0 0 JOHN IMBERGAMO VICE CHAIRMAN 2.00 X X 0 0 0 JAMES HERNDON DIRECTOR 2.00 X 0 0 0 DAVID HOLTZMAN DIRECTOR 2.00 X 0 0 0 ARTHUR COHAN DIRECTOR/CLERK 2.00 X X 0 0 0 ARNOLD BAER DIRECTOR 2.00 X 0 0 0 PAUL GULKO DIRECTOR 2.00 X 0 0 0 MARK SMOLLER CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 JOSEPH ZANG DIRECTOR 2.00 X 0 0 0 MARVIN L CASHMAN EVP/DIRECTOR 40.00 X 217158 0 37292 ROBERT M CASHMAN PRESIDENT & CEO 40.00 X X 873433 0 79747 CHARLENE BAUER SVP CHIEF MARKETING OFFICER 40.00 X 192346 0 26024 JAY DUNHAM SVP SPECIAL PROJECTS & FACILITIES 40.00 X 203320 0 25873 MICHAEL MCGOVERN SVP CHIEF TECHNOLOGY OFFICER 40.00 X 222445 0 18174 TRACI MICHEL SVP OPERATIONS 40.00 X 162714 0 24218 ELIZABETH MULVEY SVP HUMAN RESOURCES 40.00 X 169266 0 24296 THOMAS NADEAU CHIEF OPERATING OFFICER 40.00 X 434956 0 47676 ERIK PORTER SVP, CFO 40.00 X 221606 0 15797 GREGORY SPENCER SVP BUSINESS INTELLIGENCE 40.00 X 172197 0 24525 PAUL SWART SVP RETAIL SERVICES 40.00 X 185344 0 16206 LUCAS ROSS MORTGAGE CLIENT SERVICES SPECIALIST 40.00 X 229616 0 17234 MARY HELMING VP COMMERCIAL RELATIONSHIP MANAGER 40.00 X 207688 0 26017 DAWN DAWSON VP MORTGAGE OPER & 2ND MKT 40.00 X 197404 0 25417 WAHL THOMAS SVP SOLUTIONS MANAGEMENT MANAGER 40.00 X 194837 0 28652 DONOHUE THOMAS VP COMMERICAL SERVICES MANAGER 40.00 X 191938 0 15906 4076268 0 453054 16 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 IT SERVICES 1750371 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 1336042 VISA ACH PO BOX 742233 LOS ANGELES CA 90074 DEBIT/ATM PROCESSING 1111355 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT PRINTING 1016315 VERIZON 1095 AVENUE OF THE AMERICAS NEW YORK NY 10013 COMMUNICATION SERVICES 732921 56 INTEREST INCOME ON LOANS 522100 47466562 47466562 MEMBER FEES 522100 15023566 14657915 365651 LOAN FEES 522100 1807356 1807356 64297484 3017786 3017786 14516383 3063440 14423516 0 92867 3063440 3156307 3156307 VISA FEES 522100 648348 648348 MISC INCOME 900099 232920 232920 BOLI INCOME 900099 116504 116504 997772 71469349 64929605 365651 6174093 3054785 14113602 1609268 2466741 1444251 333117 427055 278528 1443117 2828369 4135010 5298259 128999 218462 9605187 1637699 442427 ATM DEBIT CARD EXPENSES 4391988 PROVISION FOR LOAN LOSS 979328 MANUFACTURED HOMES RESE 510795 OTHER EXPENSES 341852 706511 56395350 8722115 9512993 9839244 40198521 1401174365 1422886120 2346731 2299288 65081001 27622779 39928400 37458222 107664152 119247693 32603492 16451589 3344232 3306388 28132493 31041168 1633755224 1682401982 24264222 26900317 4205714 4268290 193733640 165151049 1268187372 1328137100 1490390948 1524456756 X 0 0 0 0 143364276 157945226 143364276 157945226 1633755224 1682401982 X 15073999 -481452 -11597 X X 0 1 X 1 0 0 1 X 11575702 11575702 29864306 9147107 20717199 2688208 1158999 1529209 20952785 17316673 3636112 37458222 DEPOSITS 1328137100 1328137100 X 71469349 0 71469349 0 71469349 56395350 0 56395350 0 56395350 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 YEAR ENDED DECEMBER 31, 2017. THERE WAS NO UNRELATED BUSINESS INCOME TAX. FOR THE YEAR ENDED DECEMBER 31, 2016, THE CREDIT UNION RECOGNIZED A $5,000 REFUND ON UNRELATED BUSINESS INCOME, WHICH IS INCLUDED IN OTHER GENERAL AND ADMINISTRATIVE EXPENSES IN THE STATEMENTS OF NET INCOME. FOR THE YEAR ENDED DECEMBER 31, 2016 THERE WAS NO UNRELATED BUSINESS INCOME TAX. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2017 AND 2016 AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE 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 FO YEARS BEFORE 2014. X X 1 1 X X X X X 0 1 0 MARVIN L CASHMAN EVP/DIRECTOR 199656 0 12000 0 5502 0 28600 0 8692 0 254450 0 0 0 ROBERT M CASHMAN PRESIDENT & CEO 638271 0 202458 0 32704 0 13500 0 66247 0 953180 0 0 0 CHARLENE BAUER SVP CHIEF MARKETING OFFICER 179270 0 10857 0 2219 0 8704 0 17320 0 218370 0 0 0 JAY DUNHAM SVP SPECIAL PROJECTS & FACILITIES 189701 0 11260 0 2359 0 10193 0 15680 0 229193 0 0 0 MICHAEL MCGOVERN SVP CHIEF TECHNOLOGY OFFICER 209499 0 12366 0 580 0 11155 0 7019 0 240619 0 0 0 TRACI MICHEL SVP OPERATIONS 148750 0 13500 0 464 0 8675 0 15543 0 186932 0 0 0 ELIZABETH MULVEY SVP HUMAN RESOURCES 159051 0 9734 0 481 0 8780 0 15516 0 193562 0 0 0 THOMAS NADEAU CHIEF OPERATING OFFICER 360933 0 71203 0 2820 0 31500 0 16176 0 482632 0 0 0 ERIK PORTER SVP, CFO 202033 0 19000 0 573 0 8820 0 6977 0 237403 0 0 0 GREGORY SPENCER SVP BUSINESS INTELLIGENCE 159412 0 12299 0 486 0 8999 0 15526 0 196722 0 0 0 PAUL SWART SVP RETAIL SERVICES 174450 0 10381 0 513 0 9364 0 6842 0 201550 0 0 0 LUCAS ROSS MORTGAGE CLIENT SERVICES SPECIALIST 31327 0 198197 0 92 0 11589 0 5645 0 246850 0 0 0 MARY HELMING VP COMMERCIAL RELATIONSHIP MANAGER 138051 0 69060 0 577 0 10637 0 15380 0 233705 0 0 0 DAWN DAWSON VP MORTGAGE OPER & 2ND MKT 178679 0 17750 0 975 0 9788 0 15629 0 222821 0 0 0 WAHL THOMAS SVP SOLUTIONS MANAGEMENT MANAGER 183116 0 8038 0 3683 0 9858 0 18794 0 223489 0 0 0 DONOHUE THOMAS VP COMMERICAL SERVICES MANAGER 180840 0 10419 0 679 0 9053 0 6853 0 207844 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS MARVIN CASHMAN'S COMPENSATION INCLUDED $6,532 TAX GROSS-UP PAYMENT. ROBERT CASHMAN'S COMPENSATION INCLUDED $6,532 TAX GROSS-UP PAYMENT. PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS WITH CERTAIN EXECUTIVES. THE PLANS CALL FOR ANNUAL CONTRIBUTIONS AND AN ANNUAL INTEREST RATE OF 5.50%. THE CONTRIBUTIONS ARE HELD IN A RABBI TRUST. AS OF DECEMBER 31, 2017 AND 2016, THE PLANS ARE FULLY FUNDED AND ARE INCLUDED IN BOTH OTHER ASSETS AND OTHER LIABILITIES IN THE AMOUNT OF $1,428,000 AND $963,000, RESPECTIVELY. THE CREDIT UNION'S EXPENSE IN CONNECTION WITH THESE PLANS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 AMOUNTED TO $471,000 AND $435,000, RESPECTIVELY. SUBURBAN SERVICES ERIC COHEN FAMILY MEMBER OF DIRECTOR 264500 CLEANING SERVICES 0 WINBROOK DAVID HOLTZMAN DIRECTOR 220100 OFFICE SUPPLIES 0 SMOLLER INSURANCE AGENCY MARK SMOLLER DIRECTOR 188223 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 I, LINE 1 - BRIEFLY DESCRIBE THE ORGANIZATION'S MISSION METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. 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. AS ONE OF THE LARGEST CREDIT UNIONS IN THE STATE, METRO HAS $1.6 BILLION IN ASSETS, MORE THAN 180,000 MEMBERS, AND IS ABLE TO SERVE ANYONE IN ESSEX, MIDDLESEX, SUFFOLK, NORFOLK, PLYMOUTH, BARNSTABLE OR WORCESTER COUNTIES. 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 MARVIN L. CASHMAN, THE EXECUTIVE VICE PRESIDENT IS THE FATHER OF ROBERT M. CASHMAN, THE CHIEF EXECUTIVE OFFICER. MARK SMOLLER, BOARD DIRECTOR, IS RELATED TO MARVIN L. CASHMAN, EVP AND ROBERT CASHMAN, CEO 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. 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 -11,597. 2C THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS OF METRO CREDIT UNION DURING THE TAX YEAR 2017.