2017-11-14T13:43:50-06:00 2016-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2016-01-01 041695745 Metro Credit Union % ERIK M PORTER METR 8776963876 200 Revere Beach Parkway Chelsea MA 02150 ERIK M PORTER CFO 6174885509 2017-11-14 true Michael J Rowe CPA P00535831 6174399700 2017-11-14 74.92.33.29 04102520173185000001 2017-11-14 P FC2C3B3E33F5728E88F8F1C970CCBE89E423E2A2 AB4632533840A799C2F045CE9F5D9B6D33CBA32F 2016 2021-01-29 14:40:06Z Robert M Cashman 200 Revere Beach Parkway Chelsea MA 02150 90364007 false 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. 13 8 362 11 365037 0 0 51512104 57344966 5914848 5995426 1412502 1089803 58839454 64430195 0 0 0 0 22514044 22270552 0 0 0 31432078 33837419 53946122 56107971 4893332 8322224 1492356111 1633755224 1357261159 1490390948 135094952 143364276 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 AN false false Metro Credit Union provides loan and deposit products to members that assist them in meeting their financial needs. As of 12/31/2016, Metro Credit Union has net loans of $1,401 million and share deposits of $1,268 million. false false false false false false false true false true false false false true true true false false false false false false false false false false false false true false false false true true true false false false false false false false false true 47440 0 true 362 true true true false false false false false X 13 8 true false false false true true true true true false true true true true true true true true true true true true X ERIK M PORTER 6174885509 200 REVERE BEACH PARKWAY Chelsea MA 02150 MARVIN L CASHMAN EVP, Director 40.0 0.0 X 215424 0 37168 A RICHARD SILVA Director 0.0 0.0 X 0 0 0 ARNOLD S BAER Director 0.0 0.0 X 0 0 0 ARTHUR COHAN Director/clerk 0.0 0.0 X X 0 0 0 DAVID HOLZMAN Director 0.0 0.0 X 0 0 0 JAMES HERNDON Director 0.0 0.0 X 0 0 0 JOSEPH ZANG Director 0.0 0.0 X 0 0 0 MARK SMOLLER Chairman of the Board 0.0 0.0 X X 0 0 0 PAUL GULKO Director 0.0 0.0 X 0 0 0 PETER HARRIS Treasurer 0.0 0.0 X X 0 0 0 JOHN IMBERGAMO Vice Chairman 0.0 0.0 X X 0 0 0 Donna A Lee Director 0.0 0.0 X 0 0 0 ROBERT M CASHMAN Director 0.0 0.0 X 0 0 0 Michael McGovern SVP CHIEF TECHNOLOGY OFFICER 40.0 0.0 X 215959 0 17773 CHARLENE BAUER SVP BUS DEVELOPMENT/COM REL 40.0 0.0 X 185057 0 26096 ROBERT M CASHMAN President & CEO 40.0 0.0 X 845761 0 352194 Michel Traci VP Proj Mgmt & Pro Imp 40.0 0.0 X 133156 0 21951 THOMAS NADEAU CHIEF OPERATING OFFICER 40.0 0.0 X 417178 0 47180 KEITH PEQUENO SVP CMO (term ended 6/30/2016) 40.0 0.0 X 186424 0 13220 Paul Swart SVP retail services 40.0 0.0 X 180370 0 15837 Jay Dunham SVP Special Projects 40.0 0.0 X 196070 0 25242 Gregory Spencer SVP Business Intelligence 40.0 0.0 X 165239 0 23853 Michael Jordan VP Branch Administrator 40.0 0.0 X 117343 0 21195 Elizabeth Mulvey SVP Human Resource 40.0 0.0 X 165216 0 23219 Erik Porter SVP, CFO 40.0 0.0 X 110426 0 5160 THOMAS WAHL SVP TECHNOLOGY 40.0 0.0 X 196695 0 28078 Dawn Dawson VP Mortgage Oper & 2nd mkt mgr 40.0 0.0 X 191436 0 24855 Jeffrey Accaputo mortage client svcs specialist 40.0 0.0 X 188762 0 18543 Arthur McCue Sr Mortgage Originator 40.0 0.0 X 772846 0 25694 Tedi TiJan Mortgage Originator 40.0 0.0 X 243123 0 26323 4726485 0 753581 34 false true false PSCU 560 Carillon Parkway ST PETERSBURG FL 33716 Credit card services 1053320 Fiserv 255 Fiserv Drive BROOKFIELD WI 53045 IT services 1778438 Focus Technology Solutions 93 ledge road SEABROOK NH 03874 Information security 681503 Financial Services Inc 21 Harristown Road GLEN ROCK NJ 07452 Statement Printing 785690 VISA ACH PO Box 742233 LOS ANGELES CA 900742233 debit/atm processing 988332 64 0 INTEREST INCOME ON LOANS 41491370 41491370 MEMBER FEES 522100 14241420 13876383 365037 LOAN FEES 522100 1612176 1612176 57344966 2922499 2922499 0 0 0 0 0 26126594 2880145 25933812 192782 2880145 3072927 3072927 0 0 0 0 0 0 0 0 0 VISA FEES 900099 701919 701919 BOLI INCOME 900099 138842 138842 MISC INCOME 900099 249042 249042 1089803 64430195 58069732 365037 5995426 0 0 0 0 3219998 0 13134669 1620401 2778023 1517461 0 247786 514480 0 0 0 171888 1599089 3282145 3733789 0 5211709 131295 0 160312 7974228 0 2039591 275595 PROVISION FOR LOAN LOSS 1260318 ATM DEBIT CARD EXPENSES 4666554 MANUFACTURED HOMES RESERVE 500566 MORTGAGE LOAN EXPENSES 431732 1636342 56107971 9110920 8722115 47885952 9839244 0 0 0 0 0 0 0 0 1215531592 1401174365 0 0 1947538 2346731 64581968 24653568 41472686 39928400 114277479 107664152 32856564 32603492 0 0 3404228 3344232 25869152 28132493 1492356111 1633755224 16732978 24264222 0 0 0 0 0 0 3468134 4205714 0 0 187751035 193733640 0 0 1149309012 1268187372 1357261159 1490390948 X 0 0 0 0 135094952 143364276 135094952 143364276 1492356111 1633755224 X 8322224 -505730 452830 X false true X true false true 11575702 11575702 29864306 7883691 21980615 2688208 954269 1733939 20453753 15815608 4638144 39928400 0 DEPOSITS 1268187372 1268187372 X 64430195 64430195 64430195 56107971 56107971 56107971 Schedule D, Part IV, Line 2b - Escrow and Custodial Arrangements The Credit Union holds funds in escrow to pay insurance and taxes for its members in connection to real estate loans. Schedule D, Part X, Line 2 - Uncertain Tax Positions 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, 2016 there was no unrelated business income tax. For the year ended December 31, 2015, the Credit Union recognized a $43,000 refund on unrelated business income, which is included in other general and administrative expenses in the statements of net income. The Credit Union has evaluated its tax positions as of December 31, 2016 and 2015 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 for years before 2014. X X X true true X X X X X false true false Michael McGovern SVP CHIEF TECHNOLOGY OFFICER 203373 0 12006 0 580 0 10830 0 6943 0 233732 0 0 0 CHARLENE BAUER SVP BUS DEVELOPMENT/COM REL 172534 0 10541 0 1982 0 9298 0 16798 0 211153 0 0 0 MARVIN L CASHMAN EVP, Director 199702 0 12000 0 3722 0 28600 0 8568 0 252592 0 0 0 ROBERT M CASHMAN President & CEO 339197 0 202500 0 304064 0 288246 0 63948 0 1197955 0 274996 0 Michel Traci VP Proj Mgmt & Pro Imp 125575 0 7200 0 381 0 6923 0 15028 0 155107 0 0 0 THOMAS NADEAU CHIEF OPERATING OFFICER 171181 0 67812 0 178185 0 31250 0 15930 0 464358 0 175265 0 KEITH PEQUENO SVP CMO (term ended 6/30/2016) 89806 0 10471 0 86147 0 5535 0 7685 0 199644 0 0 0 THOMAS WAHL SVP TECHNOLOGY 183297 0 9456 0 3942 0 9929 0 18149 0 224773 0 0 0 Paul Swart SVP retail services 169312 0 10078 0 980 0 9091 0 6746 0 196207 0 0 0 Jay Dunham SVP Special Projects 182798 0 10932 0 2340 0 9862 0 15380 0 221312 0 0 0 Gregory Spencer SVP Business Intelligence 155214 0 9553 0 472 0 8618 0 15235 0 189092 0 0 0 Dawn Dawson VP Mortgage Oper & 2nd mkt mgr 173392 0 17500 0 544 0 9522 0 15333 0 216291 0 0 0 Jeffrey Accaputo mortage client svcs specialist 43629 0 145000 0 133 0 7562 0 10981 0 207305 0 0 0 Arthur McCue Sr Mortgage Originator 22794 0 749962 0 90 0 11783 0 13911 0 798540 0 0 0 Tedi TiJan Mortgage Originator 23836 0 219197 0 90 0 12412 0 13911 0 269446 0 0 0 Michael Jordan VP Branch Administrator 109749 0 6930 0 664 0 6251 0 14944 0 138538 0 0 0 Elizabeth Mulvey SVP Human Resource 155299 0 9450 0 467 0 8000 0 15219 0 188435 0 0 0 Erik Porter SVP, CFO 100150 0 10000 0 276 0 1725 0 3435 0 115586 0 0 0 Schedule J Part I Line 1 Car Service Payment was made to a car service and for reimbursement directly to one listed executive for transportation to and from home and work for a portion of 2015 during which the individual was unable to drive due to a medical condition. Tax indemnification and gross-up payments Robert Cashman's compensation included $6,221 tax gross-up payment. Schedule J Part I Line 4b - Non-qualifying deferred compensation 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, 2016 and 2015, the Plans are fully funded and are included in both other assets and other liabilities in the amount of $963,000 and $528,000, respectively. The Credit Unions expense in connection with these plans for the years ended December 31, 2016 and 2015 amounted to $435,000 and $235,000, respectively. Suburban Services Eric Cohen Family member of director 259234 Cleaning Services false Winbrook David Holtzman Director 183269 Office Supplies false Smoller Insurance Agency Mark Smoller Director 159694 insurance agent false 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. PART VI, SECTION B, LINE 12C - Conflict of Interest Policy 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. PART VI, SECTION B, LINE 15B - Compensation 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. PART VI, SECTION B, LINE 11 - Form 990 Review 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. PART XI, LINE 9 - Other changes in net assets Net Assets Acquired 271,330 FAS 158 Net Pension Adjustment 181,500 ------- Total 452,830 ======= PART VI, SECTION A, LINE 2 - RELATED OFFICERS 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 PART VI, SECTION A, LINES 6 & 7 - Members 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. PART VI, SECTION C, LINE 19 - Availability of governing documents 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.