2021-11-11T10:03:35-06:00 2020-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2020-01-01 041695745 METRO CREDIT UNION METR 8776963876 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ERIK M PORTER CFO 8776963876 2021-11-11 1 ERIK PORTER 000009648 HARRY A KALAJIAN JR CPA P00464296 6174399700 2021-11-11 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ROBERT M CASHMAN 200 REVERE BEACH PARKWAY CHELSEA MA 02150 231648721 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 11 403 11 222831 0 0 0 79721971 82528366 7276635 17269870 2212640 1499760 89211246 101297996 180853 113224 0 0 27518061 33406510 0 0 0 48057378 51868874 75756292 85388608 13454954 15909388 2092358761 2385374276 1904142090 2180567969 188216671 204806307 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 12/31/2020, METRO CREDIT UNION HAS NET LOANS OF $1,955 MILLION AND SHARE DEPOSITS OF $1,899 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 48140 0 1 403 1 1 1 0 0 0 0 0 1 0 X 12 11 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 ARNOLD S BAER DIRECTOR 2.00 X 0 0 0 MARVIN L CASHMAN DIRECTOR 2.00 X 0 0 0 ARTHUR COHAN DIRECTOR/CLERK 2.00 X X 0 0 0 DAVID HOLZMAN DIRECTOR 2.00 X 0 0 0 JOHN IMBERGAMO DIRECTOR/VICE CHAIRMAN 2.00 X X 0 0 0 DONNA LEE DIRECTOR 2.00 X 0 0 0 JOSEPH ZANG DIRECTOR 2.00 X 0 0 0 MARK SMOLLER DIRECTOR/CHAIRMAN OF THE BOARD 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 40.00 X X 1169338 0 26899 BION FOSTER DIRECTOR 2.00 X 0 0 0 JAMES HERNDON SVP HUMAN RESOURCES 40.00 X 200087 0 19083 CHARLENE BAUER SVP OUTREACH, ADVOCACY & C 40.00 X 230940 0 21356 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCT 40.00 X 254167 0 15515 TRACI MICHEL SVP OPERATIONS 40.00 X 338826 0 27756 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE 40.00 X 246697 0 21074 ERIK PORTER SVP, CFO 40.00 X 358961 0 18741 GREGORY SPENCER SVP STRATEGIC INITIATIVES 40.00 X 225719 0 21849 PAUL F SWART SVP REGINAL ADMINISTRATION 40.00 X 210015 0 16065 MARIA A JUSTINIANO SVP LENDING 40.00 X 213146 0 20277 LUCAS ROSS MORTGAGE SPECIALIST MANAGE 40.00 X 520709 0 17112 THOMAS SHEWALTER MORTGAGE LOAN ORIGINATOR 40.00 X 451996 0 12519 JOSEPH GANNON MORTGAGE LOAN ORIGINATOR 40.00 X 594573 0 22965 ALEX MCMASTER MORTGAGE SPECIALIST 40.00 X 364333 0 14879 JEFFREY ACCAPUTO MORTGAGE CLIENT SERVICES SPECIALIST 40.00 X 287501 0 17063 5667008 0 293153 76 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DATA PROCESSING SERVICES 3295542 COCC 100 EXECUTIVE BLVD SOUTHINGTON CT 06489 DATA PROCESSING SERVICES 2899910 MECHANICA LLC 75 WATER STREET NEWBURYPORT MA 01950 MARKETING SERVICES 1674146 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT PRINTING 1658330 VISA ACH PO BOX 742233 LOS ANGELES CA 90074 DEBIT/ATM PROCESSING 1464226 62 INTEREST INCOME ON LOANS 522100 66163556 66163556 MEMBER FEES 522100 14792733 14569902 222831 LOAN FEES 522100 1572077 1572077 82528366 3446398 3446398 144174197 130350725 13823472 13823472 13823472 VISA INCOME 900099 574346 574346 BOLI INCOME 900099 502657 502657 MISC INCOME 900099 422757 422757 1499760 101297996 83805295 222831 17269870 94224 19000 3447895 22904218 1473468 3583626 1997303 342320 476894 1554488 2423691 3139858 6368651 6056853 88060 55496 18790044 1179302 294476 UBIT TAX EXPENSES 26372 ATM DEBIT CARD EXPENSES 4120827 PROVISION FOR LOAN LOSS 3801173 CONVERSION FEES 1208444 1941925 85388608 9621998 9569968 41378437 140515073 1813383471 1955128237 2611627 2322981 65618485 33137859 34028639 32480626 119987722 150065814 15481989 25855089 3290235 3290235 52574643 66146253 2092358761 2385374276 24917954 26424239 5394457 5210703 254508142 250426650 1619321537 1898506377 1904142090 2180567969 X 0 0 0 0 188216671 204806307 188216671 204806307 2092358761 2385374276 X 15909388 1256532 -576284 X X 0 1 X 1 0 0 1 X 11575702 11575702 29998900 12486197 17512703 2661857 1741216 920641 21382026 18910446 2471580 32480626 DEPOSITS 1898506377 1898506377 X 102040740 1256532 -576284 680248 101360492 -62496 -62496 101297996 85326112 -62496 -62496 85388608 0 85388608 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, 2020 AND 2019, THE CREDIT UNION RECOGNIZED $26,000 AND $50,000 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, 2020 AND 2019 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 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: FAS 158 NET PENSION ADJUSTMENT -576,284. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS GAINS/LOSSES ON ASSETS SALES FROM EXPENSES -134,366. RECLASS GAINS/LOSSES ON REPOSSESSED VEHICLES FROM EXPENSES 71,870. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS GAINS/LOSSES ON ASSETS SALES FROM EXPENSES -134,366. RECLASS GAINS/LOSSES ON REPOSSESSED VEHICLES FROM EXPENSES 71,870. 0 AMERICA'S CREDIT UNION MUSEUM FOUNDATION 420 NOTRE DAME AVENUE MANCHESTER NH 03102 020472576 501(C)(3) 10000 DONATION CHELSEA COLLABORATIVE 218 BROADWAY CHELSEA MA 02150 222906521 501(C)(3) 5000 DONATION ICIC INNER CITY CAPITAL CONNECTIONS 56 WARREN STREET BOSTON MA 02119 133772904 501(C)(3) 5000 DONATION INVERSANT 561 BOYLSTON STREET BOSTON MA 02116 271462229 501(C)(3) 5000 DONATION NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 10000 DONATION THE NEIGHBORHOOD DEVELOPERS 4 GERRISH AVENUE CHELSEA MA 02150 042660283 501(C)(3) 10000 DONATION GREATER BOSTON REAL ESTATE BOARD 3 CENTER PLZ BOSTON MA 02108 041107040 501(C)(6) 12500 DONATION 5 1 SCHOLARSHIPS 20 19000 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 1 0 0 ROBERT M CASHMAN PRESIDENT & CEO 1140589 0 0 0 28749 0 16673 0 10226 0 1196237 0 0 0 JOSEPH GANNON MORTGAGE LOAN ORIGINATOR 587261 0 0 0 7312 0 15459 0 7506 0 617538 0 0 0 LUCAS ROSS MORTGAGE SPECIALIST MANAGE 520355 0 0 0 354 0 14292 0 2820 0 537821 0 0 0 THOMAS SHEWALTER MORTGAGE LOAN ORIGINATOR 451830 0 0 0 166 0 9706 0 2813 0 464515 0 0 0 ALEX MCMASTER MORTGAGE SPECIALIST 364128 0 0 0 205 0 12147 0 2732 0 379212 0 0 0 ERIK PORTER SVP, CFO 357469 0 0 0 1492 0 14882 0 3859 0 377702 0 0 0 TRACI MICHEL SVP OPERATIONS 337510 0 0 0 1316 0 14991 0 12765 0 366582 0 0 0 JEFFREY ACCAPUTO MORTGAGE CLIENT SERVICES SPECIALIST 287194 0 0 0 307 0 14250 0 2813 0 304564 0 0 0 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCT 251150 0 0 0 3017 0 12695 0 2820 0 269682 0 0 0 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE 243013 0 0 0 3684 0 11059 0 10015 0 267771 0 0 0 CHARLENE BAUER SVP OUTREACH, ADVOCACY & C 224916 0 0 0 6024 0 11100 0 10256 0 252296 0 0 0 GREGORY SPENCER SVP STRATEGIC INITIATIVES 224615 0 0 0 1104 0 11735 0 10114 0 247568 0 0 0 MARIA A JUSTINIANO SVP LENDING 211962 0 0 0 1184 0 11012 0 9265 0 233423 0 0 0 PAUL F SWART SVP REGINAL ADMINISTRATION 206326 0 0 0 3689 0 10583 0 5482 0 226080 0 0 0 JAMES HERNDON SVP HUMAN RESOURCES 197966 0 0 0 2121 0 10096 0 8987 0 219170 0 0 0 PART I, LINE 1A THE CREDIT UNION HAS AN AGREEMENT WITH ROBERT CASHMAN TO PROVIDE A GROSS-UP PAYMENT TO COVER INTEREST PAYMENTS RELATED TO A LOAN REGIME SPLIT DOLLAR PLAN. SUBURBAN SERVICES ERIC COHAN FAMILY MEMBER OF DIRECTOR 280156 CLEANING SERVICES 0 WINBROOK DAVID HOLZMAN DIRECTOR 475294 OFFICE SUPPLIES 0 SMOLLER INSURANCE AGENCY MARK SMOLLER DIRECTOR 173493 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 $2.4 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 MARVIN L. CASHMAN, THE BOARD DIRECTOR IS THE FATHER OF ROBERT M. CASHMAN, THE CHIEF EXECUTIVE OFFICER. MARK SMOLLER, BOARD DIRECTOR, IS RELATED TO MARVIN L. CASHMAN, BOARD DIRECTOR AND ROBERT CASHMAN, CEO. FORM 990, PART VI, SECTION A, LINE 4 ARTICLE II SECTION 1. METRO IS SEEKING APPROVAL TO AMEND THE BY-LAWS OF THE CREDIT UNION BY EXPANDING ITS FIELD OF MEMBERSHIP TO MAKE MEMBERSHIP AVAILABLE: TO PERSONS (A) LIVING, WORKING, HAVING A PLACE OF BUSINESS, OR ATTENDING AN EDUCATIONAL INSTITUTION IN THE FOLLOWING MASSACHUSETTS COUNTIES: ESSEX, MIDDLESEX, NORFOLK AND SUFFOLK, WORCESTER, PLYMOUTH, BARNSTABLE AND BRISTOL; AND THE FOLLOWING NEW HAMPSHIRE COUNTIES: HILLSBOROUGH AND ROCKINGHAM OR (B) ARE FAMILY MEMBERS OF ELIGIBLE PERSONS, REGARDLESS OF LOCATION. 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 -576,284. 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.