2012-10-01T10:29:08-05:00 2011-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2011-01-01 041695745 Metro Credit Union % EILEEN DANAHEY METR 6178897727 200 Revere Beach Parkway Chelsea MA 02150 Eileen Danahey 6178897727 2012-09-27 true Michael J Rowe CPA 6174399700 2012-09-21 2011 2016-02-24 21:20:13Z Robert M Cashman 200 Revere Beach Parkway Chelsea MA 02150 156063977 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 11 303 11 493623 129949 0 0 39022572 42074468 3836149 4986829 1917894 1109492 44776615 48170789 0 0 0 0 13735706 15249130 0 0 0 26657277 25472697 40392983 40721827 4383632 7448962 784948389 957971443 693294052 854147041 91654337 103824402 FOR over 85 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 OVER $957 MILLION IN ASSETS, MORE THAN 135,000 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 RAT false false Metro Credit Union provides loan and deposit products to members that assist them in meeting their financial needs. As of 12/31/2011, Metro Credit Union has net loans of $761.2 mil and share deposits of $776.9 mil. false false false false false false true false true false false false true false 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 true false false false true 31792 0 true 303 true true true false false false false false X 13 11 true false false false true true true true true false true true true true true true true true true true true true X EILEEN DANAHEY 6178897727 200 REVERE BEACH PARKWAY Chelsea MA 02150 MARVIN L CASHMAN 40.0 X X 200670 0 27741 ROBERT M CASHMAN 40.0 X X 532257 0 185808 A RICHARD SILVA 2.0 X 0 0 0 ARNOLD BAER 2.0 X 0 0 0 ARTHUR COHAN 2.0 X X 0 0 0 DAVID HOLTZMAN 2.0 X 0 0 0 IRVING GOLDBERG 8.0 X 0 0 0 JAMES HERNDON 2.0 X 0 0 0 JOSEPH ZANG 2.0 X 0 0 0 MARK SMOLLER 2.0 X 0 0 0 PAUL GULKO 2.0 X 0 0 0 PETER HARRIS 2.0 X 0 0 0 JOHN IMBERGAMO 2.0 X 0 0 0 DOLORES BARRY 40.0 X 75680 0 66022 CHARLENE BAUER 40.0 X 161633 0 20219 BARBARA CONTI 40.0 X 123773 0 18162 EILEEN DANAHEY 40.0 X 209500 0 37362 THOMAS NADEAU 40.0 X 266250 0 29855 john cataldo 40.0 X 119519 0 10524 THOMAS WAHL 40.0 X 188006 0 21571 Paul Swart 40.0 X 134322 0 11868 Jay Dunham 40.0 X 146758 0 19381 Vidalia Divito 40.0 X 133750 0 17851 Gregory Spencer 40.0 X 130150 0 18451 bion foster 40.0 X 103750 0 5929 2526018 0 490744 13 false true false SUFFOLK CONSTRUCTION 65 ALLERTON STREET BOSTON MA 02119 CONSTRUCTION SVCS 2217389 BLUE CHOICE PO BOX 415071 BOSTON MA 02241 MEDICAL INS. 1392515 NES Group Inc 905 South Main Street bldg B Suit MANSFIELD MA 02048 construction 1502327 DIEBOLD 5995 MAYFAIR ROAD NORTH CANTON OH 44720 ATM SERVICES 777320 Daymark Solutions Inc 23 Third Avenue BURLINGTON MA 01803 Info technology 461002 5 0 INTEREST INCOME ON LOANS 35577542 35577542 MEMBER FEES 522100 5832273 5531522 300751 LOAN FEES 522100 664653 619813 44840 42074468 1407497 1407497 0 0 13224960 98247560 12987090 94906098 237870 3341462 3579332 3579332 0 0 0 VISA FEES 900099 723309 723309 BOLI INCOME 900099 123542 123542 LIFE INSURANCE SALES 524298 148032 148032 114609 114609 1109492 48170789 42690337 493623 4986829 0 0 0 0 1880872 0 9794812 804080 1741126 1028240 0 542199 191341 0 0 0 282885 1126433 2369423 1771438 0 2315693 70284 0 59224 6250601 0 1448586 332845 PROVISION FOR LOAN LOSS 3433350 DEPOSIT/LOAN/OTHER EXPENSES 2126361 NCUA ASSESSMENT 1710115 ATM DEBIT CARD EXPENSES 1441919 40721827 6283442 8954261 42019334 26842342 0 0 0 0 0 0 0 0 596244790 761216254 0 0 1245644 1463006 42244441 12006532 25057572 30237909 41704467 73163274 55079800 33873661 0 0 250554 3920984 17062786 18299752 784948389 957971443 7447284 11634821 0 0 0 0 0 0 1166011 1746096 0 0 19219225 63846044 0 0 665461532 776920080 693294052 854147041 X 0 0 0 0 91654337 103824402 91654337 103824402 784948389 957971443 X 7448962 4721103 X false true true X false true 10942879 10942879 17267858 3410643 13857215 1881864 412213 1469651 148193 91103 54090 11720456 7854750 3914074 30237909 0 DEPOSITS 776920080 DUE TO BROKER 0 776920080 48170789 40721827 7448962 242866 4478237 4721103 12170065 48170789 48170789 48170789 40721827 40721827 40721827 Part IV Line 2b Escrow and Custodial Arrangements The Credit Union holds funds in escrow to pay insurance and taxes for its members. Part XI Line 8 Other Changes in Net Assets Net Assets Acquired 6,096,120 Capital Repayment to Deposit Insurer (286,289) FAS 158 Pension Liabilities (1,331,594) ------------ Total other changes in net assets 4,478,237 ============ X true true X X X X X false true false CHARLENE BAUER 151628 0 8930 0 1075 0 0 0 20219 0 181852 0 0 0 MARVIN L CASHMAN 200000 0 0 0 670 0 16500 0 11241 0 228411 0 0 0 ROBERT M CASHMAN 525000 0 0 0 7257 0 161193 0 24615 0 718065 0 0 0 EILEEN DANAHEY 192500 0 17000 0 0 0 16500 0 20862 0 246862 0 0 0 THOMAS NADEAU 243750 0 22500 0 0 0 16500 0 13355 0 296105 0 0 0 THOMAS WAHL 177790 0 8408 0 1808 0 0 0 21571 0 209577 0 0 0 Jay Dunham 137266 0 9492 0 0 0 0 0 19381 0 166139 0 0 0 Vidalia Divito 123750 0 10000 0 0 0 0 0 17851 0 151601 0 0 0 Non-qualifying deferred compensation Schedule J Part I Line 4b Mr. Robert Cashman has a 457(f) plan. The actuarial value of the plan increased $161,000 during 2011. Suburban Services Eric Cohen Family member of director 161709 Cleaning Services false Winbrook David Holtzman Director 165058 Office Supplies false Smoller Insurance Agency Mark Smoller Director 111102 Insurance agent false Loans to officers and directors Schedule L, Part II 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. Conflict of Interest Policy 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. Compensation Part VI, Section B, Line 15B 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 Review Part VI, Section B, Line 11 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. Other changes in net assets Form 990, page 12, Part XI, Line 5 Net Assets Acquired 6,096,120 Capital Repaymnet to Deposit Insurer (286,289) FAS 115 Unrealized gains/(losses) 242,866 FAS 158 Pension Liabilities (1,331,594) ------------ Total other changes in net assets 4,721,103 ============ Related officers Form 990, Page 6, Part VI, Section A, Line 2 Marvin L Cashman, The Chairman of the Board of Directors is the Father of Robert M Cashman the Chief Executive Officer. Members Form 990, page 6, Part VI, Section A, Lines 6 & 7 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. Availability of governing documents Form 990, Page 6, 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. Northeast Member Business Services LLC 180 Emerald Street Keene NH 03431 201741448 Loan Servicing NH 52959 335581 false 0 0.24000 false false false false false false false false false false false false false false false false false false